Lean business was again witnessed on the cotton market on Thursday as leading mills conspicuous by their absence, dealers said. The official spot rate was unchanged at Rs 7500, they added. In the ready session, only single deal reported till our going to the press, they said. According to the market sources, the ginners, who have some best quality lint trying to sell at the higher rates. The cotton prices remained firm in the international market, they said and adding that the ginners were keen to avail better profits.
Cotton analyst, Naseem Usman said that a forward deal of 200 bales of cotton from Burewala finalised at Rs 8100 for delivery of third week of June. He also said that some ginning factories will become functional before Eid, relying on a mix of old and new phutti (seed cotton), according to an estimate around 20,000 bales of phutti are already available with the ginners from last year's crop which was purchased between Rs 2700 and Rs 3,300.
Besides, there are chances that the Indian counterparts can cancel the deals in case of price rise in the world market. In the world market, cotton prices move both ways, they said. The following deal was reported: a deal of 2451 bales of cotton from Alipur at Rs 6950, 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 23-05-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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