Ginners adopted wait-and-see attitude on the cotton market on Saturday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6800, they said. In Punjab prices of phutti were unchanged at Rs 3750-3800, as per 40 kg, they said. Cotton analyst, Naseem Usman said that listless trading activity was seen as the ginners remained on the sidelines on expectations of further increase in the profit of margin.
Explaining the latest development, he also said that the ginners have very little stock of fine quality they were anticipating that prices to gain further ground in the coming days, other experts said. They observed that despite falling trend in the global market, there were rising speculations that prices would go up more as a result of short supply position. They said that the fact that the next cotton season will take four to five months to start, causing lack of selling interest among the ginners.
Reuters adds: The New York cotton futures were lower on Thursday on falling demand.
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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 10-03-2017 in Rupees
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37.324 kg 6,800 135 6,935 6,935 Nil
Equivalent
40 kgs 7,288 145 7,433 7,433 Nil
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