A selective buying of quality lint helped rates to retain present levels on the cotton market on Friday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6300, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added. In the ready session, over 20,000 bales of cotton changed hands between Rs 4400-6600, they said.
Market sources said that prices remained firm amid selective buying of quality lint from needy spinners. They also observed that reports of allowing conditional cotton import from India may influence the present trend in the market. Cotton experts also said that the government has allowed cotton import from India after earlier imposition of unannounced ban was not a new development because conditional imports of cotton were not stopped. Cotton analyst, Naseem Usman said that if prevailing confusions prolonged, this factor likely to induce leading buyers to adopt wait-and-see mood. Reuters said that Pakistan has resumed cotton imports from its top supplier India after suspending them for few days.
Reuters adds: Cotton futures rose to their highest level in about a week on Thursday, supported by robust weekly US export sales data, but gains were limited by a stronger dollar. The March cotton contract on ICE Futures US settled up 0.37 cent, or 0.52 percent, at 71.42 cents per lb. It traded within a range of 70.9 cents to 71.95 cents a lb, the highest since December 1.
The following deals reported: 529 bales from Tando Adam at Rs 4400, 600 bales from Sanghar at Rs 5500/5700, 800 bales from Daur at Rs 6040, 1000 bales from Khairpur at Rs 6200/6225, 1000 bales from Salehpat at Rs 6300/6350, 1000 bales from Rohri at Rs 6300/6350, 4600 bales from Mianwali at Rs 6000/6100, 1200 bales from Haroonabad at Rs 6300/6325, 200 bales from Sahiwal at Rs 6350, 500 bales from Shujabad at Rs 6400, 400 bales from Yazman Mandi at Rs 6400, 400 bales from Jalalpur at Rs 6400, 500 bales from Lodhran at Rs 6500, 600 bales from Liaquatpur at Rs 6500, 400 bales from Khanewal at Rs 6550, 600 bales from Sadiqabad at Rs 6550, 800 bales from Rahim Yar Khan at Rs 6550, 600 bales from Noorpur at Rs 6600, 800 bales from Bahawalpur at Rs 6600, 600 bales from Ahmedpur at Rs 6600 and 800 bales from Rahim Yar Khan at Rs 6500, 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 08-12-2016
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37.324 kg 6,300 135 6,435 6,435 NIL
Equivalent
40 kgs 6,752 145 6,897 6,897 NIL
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