The trade activity came down on the cotton market on Friday after the Pakistan Cotton Ginners Association (PCGA) fortnightly report, in the meantime prices held the overnight levels, dealers said. The official spot rate was unmoved at Rs 6100, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200-3150, they said, in Punjab, phutti rates were also inert at Rs 2900 and Rs 3400, as per 40 kg, they added.
In the ready session, approximately 30,000 bales of cotton changed hands between Rs 5500 and Rs 6350, they said. Commenting on the present trend in the market, some analysts said that the PCGA issued fortnightly data that 8.78 million bales of cotton have reached ginneries, showing an increase of nine percent as compared with last year.
They observed that most of the leading buyers kept on the sidelines mainly because of little interest in fresh buying in expectations of decline in rate. Whereas, cotton analyst, Naseem Usman said that there is no aspect of fall in the prices of quality lint. In the meantime, prices of low quality may come down slightly, he said and adding that after the PCGA report, the ginners may show some flexibility toward rates of low type According to reports, China imported 41,300 tonnes of cotton in October, down 1.9 percent year-on-year, said the China Cotton Association on its website on Thursday.
Adds Reuters: Cotton futures rose one percent on Thursday, marking an over three-month high, supported by short-covering ahead of the first notice day of the December contract next week. The March cotton contract on ICE Futures US rose for the fourth straight session, touching a session high of 72.75 cents per lb, the highest since August 12.
The following deals reported: 400 bales from Hala at Rs 5550, 1000 bales from Sanghar at Rs 5550/5600, 400 bales from Shahdadpur at Rs 5575, 1000 bales from Khairpur at Rs 6125/6150, 2000 bales from Salehpat at Rs 6150/6175, 3000 bales from Rohri at Rs 6150/6175, 1000 bales from Ghotki at Rs 6300, 800 bales from Dharki at Rs 6300, 3600 bales from Mianwali at Rs 5925/6000, 1200 bales from Hasilpur at Rs 6050/6275, 800 bales from Maroot at Rs 6250, 800 bales from Haroonabad at Rs 6250, 400 bales from Karoor Pacca at Rs 6250, 600 bales from Yazman Mandi at Rs 6250, 2400 bales from Rajanpur at Rs 6250/6275, 1400 bales from Bahawalpur at Rs 6300/6325, 2600 bales from Sadiqabad at Rs 6300/6350, 2200 bales from Khanpur at Rs 6300/6350, 3400 bales from Rahim Yar Khan at Rs 6300/6350 and 1200 bales from Ahmedpur at Rs 6350, 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 1-1/32"
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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 17-11-2016
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37.324 kg 6,100 135 6,235 6,235 NIL
Equivalent
40 kgs 6,537 145 6,682 6,682 NIL
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