Prices showed slight rise as the ginners have started raising asking prices on the cotton market on Monday in the process of lean business, dealers said. The official spot rate was unchanged at Rs 6375, dealers said. In Sindh, seed cotton prices were at Rs 3000-3300, they said. In Punjab, phutti rates stayed put at Rs 3200 and Rs 3550, as per 40 kg, they added.
In the ready session, around 3,000 bales of cotton changed hands between Rs 5900 and Rs 6700, they said. According to some brokers, the ginners have started raising asking prices due to short supply of fine quality.
Cotton analyst, Naseem Usman said that prices rose slightly and restricted selling the growers and ginners. So that activity could not pick up and it looks that the prices to maintain present levels or gain momentum in the coming days, he said.
The ginners have very little stock of unsold lint cotton, other analysts said. It was observed that cotton importers are confused as Indian exporters withdrew from the deals, finalised last year, they added.
In New York markets were closed due to Martin Luther King Jr holiday.
The following deals reported: 400 bales of cotton from Sanghar at Rs 5900, same figure from Khanewal at Rs 6700, 1000 bales from Alipur at Rs 6700 and 400 bales from Yazman Mandi at Rs 6625, 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 14-01-2017
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37.324 kg 6,375 135 6,510 6,510 NIL
Equivalent
40 kgs 6,832 145 6,977 6,977 NIL
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