Trading activity slowed down on the cotton market on Friday as leading mills and spinners were on the sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 9200, they added. Prices of seed cotton in Sindh were at Rs 4200-4250 in the Punjab, rates stayed put at Rs 3600-4200, they said. In ready session, over 2000 bales of cotton finalised within the range of Rs 9350-9450, they said.
Market sources said that most of the leading buyers were conspicuous by their absence. Whereas, some needy mills indulged in fresh buying to meet their urgent demand, they said. In fact, dollar's falling rates these days, propelling buyers to keep away from business, in the meantime, sellers were trying to sell as much as they can.
Cotton analyst, Naseem Usman said that political or economical instability damaged the country's progress. Besides, after the speech of Chairman of the Pakistan Tehreek-e-Insaf (PTI), Imran Khan, traders and businessmen were expecting for economic and political progress in the country, he added. Whereas, the people of Pakistan, particularly, business community is expecting country's economic condition will improve in the coming days, other experts said.
Country's textile exports will show significant improvement in the coming days, they said.
One of the most important issues is to bring back the country from the grey list, they said and adding that country has to follow the guidelines to come out of the grey list. Cotton prices were mixed in the global markets in the process of trading, they said.
Following deals reported: 200 bales of cotton from Tando Adam at Rs 9400/9450, 400 bales from Shahdadpur at Rs 9400, 400 bales from Sanghar at Rs 9400, 400 bales from Hyderabad at Rs 9400, 400 bales from Moro at Rs 9400 and 200 bales from Vehari at Rs 9350, they added.
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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 26-07-2018
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37.324 kg 9,200 145 9,345 9,345 NIL
Equivalent
40 kgs 9,860 155 10,015 1,015 NIL
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