Rates showed further improvement on the cotton market on Tuesday as the some leading buyers continued purchasing of quality lint to replenish their stock, dealers said. The official spot rate was unchanged at Rs 6700, they said. In Sindh, seed cotton prices were at Rs 3200-3500, they said. In Punjab, phutti rates were at Rs 3300 and Rs 3800, as per 40 kg, they added.
In the ready session, over 11,000 bales of cotton changed hands between Rs 5800 and Rs 7125, they said. Cotton analyst, Naseem Usman said that buyers were busy in the purchasing of quality lint on short supply coupled with rising prices. Some leading buyers remained in the forefront owing to tight supply and rising trend in the world markets, analysts said. The Indian cotton exporters cancelled contract deals with Pak importers due to soaring prices in the international market, they observed. The spinners who were heavily relying on imported cotton, now looking some panicked and rushed to replenish their stocks from the local ginners and growers, they noted. Rising trend may continue in the coming days owing to said factors, they said.
Adds Reuters: ICE cotton futures climbed about 1.5 percent on Monday, supported by strong export demand for US cotton, ahead of the first notice day for the March contract due next week. The May cotton contract on ICE Futures US settled up 1.12 cent, or 1.45 percent, at 78.21 cents per lb. The contract touched a session high of 78.45 cents a lb, a peak since July 2014. The March cotton contract settled up 0.79 cent, or about 1 percent, at 76.61 cents per lb on Monday.
The following deals reported: 600 bales from Mirpurkhas sold at Rs 5800/5900, 1000 bales from Ghotki at Rs 5950/7000, 400 bales from Mianchano at Rs 6500, 1000 bales from Fort Abbas at Rs 6800/6850, 800 bales from Haroonabad at Rs 6800/7000, 600 bales from Mailsi at Rs 6950, 4000 bales from Sadiqabad at Rs 6950/7000, 1000 bales from Rahim Yar Khan at Rs 7000 and 1400 bales from Jalalpur at Rs 7100/7125, dealers said.
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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 13-02-2017 in Rupees
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37.324 kg 6,700 135 6,835 6,835 NIL
Equivalent
40 kgs 7,180 145 7,325 7,325 NIL
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