Some needy spinners took little interest in fresh deals on the cotton market on Friday, dealers said. The official spot rate was unchanged at Rs 6800, they said. In the ready session, nearly 1000 bales of cotton change hands comprising 200 bales from Shahdadpur done at Rs 7000 and 637 bales from Faqirwali at Rs 6800, they said. According to the market sources, cotton market is lack of buying interest ahead of arrivals of new crop.
Cotton analysts, Naseem Usman said that expectations of better than expected cotton production seems to be difficult as sowing badly affected due to unavailability of irrigation water, shortage of power and gas supplies in industries.
Adds Reuters: ICE cotton futures rose on Thursday after positive weekly export sales data and as investors covered their short positions ahead of the monthly crop supply-and-demand report from the US government on Friday. Cotton contracts for December settled up 0.42 cent, or 0.58 percent, at 73.1 cents per lb. It traded within a range of 72.5 and 73.12 cents a lb.
The US spot corn futures hit their highest level in nearly a year on Thursday and Minneapolis spring wheat neared a two-year top on worries about hot and dry weather stressing crops in the northern Plains and Midwest. Net upland sales for the 2016-17 crop last week totalled 82,700 running bales, down 26 percent from the previous week, weekly export sales data from the US Department of Agriculture showed on Thursday. Total futures market volume rose by 7,016 to 31,810 lots. Data showed total open interest fell 1,560 to 233,238 contracts in the previous session.

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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     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                  on 08.06.2017
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37.324 kg         6,800       135        6,935         6,935            Nil
Equivalent
40 kgs            7,288       145        7,433         7,433            Nil
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