Prices went up on the cotton market on Saturday in process of modest trading activity, dealers said. The official spot rate was higher by Rs 100 to Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3600-3900, they said. In the ready session, 2400 bales of cotton finalised at Rs 9000, they said.
According to the market sources prices of fine quality appreciated due to short supply position. Commenting on the thin business, cotton analyst, Naseem Usman said that mills and spinners did not take interest due to rising uncertainties on the economic front and partly because of bank closing. It looks that trading activity may improve in the coming days, he added. In the international markets, cotton prices showed firm trend due to the trading, dealers said.
The following deals reported: 2000 bales of cotton from Sadiqabad at Rs 9000 and 400 bales from Rahim Yar Khan done at the same rate, 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 28-12-2018
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37.324 kg 8,800 160 8,960 8,860 + 100/-
Equivalent
40 kgs 9,431 171 9,602 9,495 + 107/-
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