Prices maintained firm trend on the cotton market on Thursday in the process of moderate trading activity, dealers said. The official spot rate was unchanged at Rs 8650, they added. In ready session, about 15,000 bales of cotton changed hands between Rs 7725 and Rs 8800, they said. Rates of seed cotton per 40kg in Sindh were at Rs 3600-3900 and in the Punjab prices were at Rs 3600-4100, they said. In Balochistan, cotton prices showed rising trend at Rs 8300-8500, seed cotton prices were also higher at Rs 4000-4400, they said.
In Sindh, Binola prices per maund were at Rs 1400-1550 and in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates picked up more Rs 5 to Rs 190. According to the market sources, mills showed interest in buying of fine quality cotton to meet requirements. Other brokers said that in the global market prices of cotton were moving on both sides. The ginners were not increasing rates due to quality factor, they said.
In the meantime, cotton analyst Naseem Usman said that volume of business is not improving in the globe, this factor likely to push the rates of cotton down in the coming days. Adds Reuters: Cotton prices fell on Wednesday weighed down by falling crude oil prices and as investors awaited more information on demand for the natural fibre from weekly export sales data due on Thursday.
Cotton contracts for December fell 0.66 cent, or 1.08 %, at 60.72 cents per lb at 01:39 pm EDT (1739 GMT), its second straight session fall. Total futures market volume fell by 16,197 to 18,037 lots. Data showed total open interest fell 2,617 to 230,592 contracts in the previous session. The following deals reported: 600 bales of cotton from Mirpurkhas at Rs 7725/7750, 1000 bales from Sanghar at Rs 7775/7800, 1600 bales from Tando Adam at Rs 7770/8200, 1400 bales from Shahdadpur at Rs 7800/7950, 400 bales from Kotri at Rs 7950, 800 bales from Nawabshah at Rs 8400/8500, 200 bales from Moro at Rs 8500, 1200 bales from Khairpur at Rs 8650/8700, 400 bales from Rohri at Rs 8650, 800 bales from Saleh Pat at Rs 8650/8700, 400 bales from Mongi Bangla at Rs 8650, 800 bales from Vehari at Rs 8675/8700, 400 bales from Chichawatni at Rs 8700, 200 bales from Tonsa Sharif at Rs 8750, 800 bales from Mian Channu at Rs 8750, 800 bales from Lodhran at Rs 8750, 1200 bales from Haroonabad at Rs 8700/8750, 600 bales from Bahawal Nagar at Rs 8750, 400 bales from Ahmedpur at Rs 8750 and 200 bales from Shujabad at Rs 8800, 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"
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 18-09-2019
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37.324 kg 8,650 160 8,810 8,810 NIL
Equivalent
40 kgs 9,270 171 9,441 9,441 NIL
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