Falling trend persisted on the cotton market on Thursday in the process of hectic trading session ahead of Ashura holidays, dealers said. The official spot rate continued to decline for the second, losing more Rs 50 to Rs 6000, they said. In the ready session, over 20,000 bales of cotton changed hands between Rs 5850-6200, they said.
In Sindh and Punjab seed cotton prices were unchanged at Rs 2800-3000, as per 40 kg, they said. Cotton analyst, Naseem Usman said that comfortable supply position pushed the rates down but trading activity is on the same pace as rates were patching with the psychological levels.
On the other hand, the ginners were interested in selling, just to save themselves from losses, other brokers said. They said that many factories were closed in Lower Sindh due to short supply of fine quality of seed cotton. Adds Reuters: ICE cotton futures edged lower on Wednesday in subdued trading as traders remained cautious ahead of a weekly report on US export sales.
Cotton contracts for December settled down 0.1 cent, or 0.15 percent, at 68.65 cents per lb. The contract had slipped 1 percent in the previous session. The following deals reported: 1000 bales from Shahdadpur at Rs 5850/5950, 400 bales from Daulatpur at Rs 6075, 2000 bales from Nawabshah at Rs 6050/6100, 1000 bales from Salehpat at Rs 6150/6200, 1000 bales from Rohri at Rs 6150/6200, 4000 bales from Khairpur at Rs 6100/6190, 200 bales from Haroonabad at Rs 6100/6200, 400 bales from Chistian at Rs 6125, 200 bales from Fort Abbas at Rs 6125, 2400 bales from Layyah at Rs 6150/6165, 1600 bales from Bahawalpur at Rs 6150/6175, 1600 bales from Mianwali at Rs 6150/6160, 600 bales from Lodhran at Rs 6150, 400 bales from Bahawal Nagar at Rs 6150, 1000 bales from Burewala at Rs 6150/6175, 600 bales from Vehari at Rs 6175, 600 bales from Shujabad at Rs 6175, 400 bales from Dera Ghazi Khan at Rs 6175 and 800 bales from Khanewal at Rs 6200, 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 27.09.2017
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37.324 kg 6,000 145 6,145 6,195 - 50/-
Equivalent
40 kgs 6,430 155 6,585 6,639 - 54/-
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