Rates stayed firm on the cotton market on Thursday in the process of modest trading, dealers said. Official spot rate was unchanged at Rs 7300, they added. In both Sindh and Punjab prices were at Rs 2800-3100, they said. In the ready session, around 3000 bales of cotton changed hands between Rs 6200-7600, they said.
Some analysts were of the opinion that the cotton business came in the grip of uncertainties as a result of US-China trade war. Cotton analyst, Naseem Usman said that the US-China trade war has started showing it's negative impact on the market. Unavailability of irrigation water also a problem for the cotton growers, this factor may not help in achieving target for the coming year, other experts said.
Cotton prices were higher in India, while rates of cotton fell in other parts of the world, they said. The following deals were reported: 600 bales of cotton from Rahim Yar Khan sold at Rs 7600, 602 bales from Uch Shareef at Rs 6900, 300 bales from Fort Abbas at Rs 6550, 600 bales from Haroonabad at Rs 6250, 400 bales from Bhawal Nagar at Rs 6200 and 200 bales from Faqirwali at the same rate, they 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 04-04-2018
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37.324 kg 7,300 145 7,445 7,445 NIL
Equivalent
40 kgs 7,823 155 7,978 7,978 NIL
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