Prices went up on the cotton market on Thursday amid persisting demand by mills and spinners, dealers said. The official spot rate was higher by Rs 50 to Rs 6800, they said. In Punjab, seed cotton prices were Rs 3750-3800, per 40 kgs, they said.
In ready session, around 9000 bales of cotton changed hands between Rs 6450 and Rs 7150, they said. In addition, where as some of ginners preferred to sell at the present levels, they said and adding that the ginners have very little stock of quality lint. Cotton analyst, Naseem Usman said that strong buying interest for quality lint kept prices firm amid rising anticipations of further increase in the rates.
Market sources also said that there was intense buying for quality lint from both small and big traders. In the meantime, the ginners who were not satisfied with the current profit of margin, were hesitant in making new deals, expecting more gains in the coming days, they added.
Adds Reuters: The NY cotton futures were down for the third day on Wednesday. The following deals reported: 580 bales of cotton from Hyderabad at Rs 6450, 1800 bales from Dharki at Rs 7100, 1300 bales from Khanewal at Rs 6925/7050, 200 bales from Shujabad at Rs 7000, 3000 bales from Rahim Yar Khan at Rs 7000/7050 and 400 bales from Faqirwali at Rs 7150, 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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 08.03.2017 in Rupees
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37.324 kg 6800 135 6935 6885 + 50/-
Equivalent
40 kgs 7288 145 7433 7379 + 54/-
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