Trade activity slowed down on the cotton market on Saturday in the absence of leading buyers, dealers said. The official spot rate was unchanged at Rs 6400, they said. In the ready session, over 6,000 bales of cotton changed hands between Rs 6000-6700, they said. In Sindh seed cotton prices were at Rs 2700-3200, in the Punjab rates were at Rs 2800-3300, as per 40 kg, they said.
Cotton analyst, Naseem Usman said, most of the leading participants were absent before issuance of Pakistan Cotton Ginners Association (PCGA) report. According to the PCGA report, the seed cotton arrivals stood at 9.35 million bales till November 15, 2017. Besides, the agriculture department advised farmers to ensure neat and clean picking of cotton to get handsome return of their produce.
Adds Reuters: ICE cotton futures crept up after hitting their highest in more than two months, buoyed by bullish sentiment after US government data showed export sales were at a marketing-year high in the previous session. Cotton contracts for March settled up 0.17 cent, or 0.25 percent, at 69.35 cents per lb. They traded in a range of 69.06 and 69.75 cents a lb, hitting the highest since September 12. The contract was up 0.3 percent for the week, its fourth consecutive weekly gain.
The following deals were reported to have changed hands on the ready counter: 400 bales of cotton from Shahdadpur at Rs 6100, 400 bales from Sanghar at Rs 6000, 1400 bales from Saleh Pat at Rs 6400/6500, 1600 bales from Khairpur at Rs 6350/6400, 400 bales from Faqirwali at Rs 6375, 600 bales from Haroonabad at Rs 6375, 200 bales from Sadiqabad at Rs 6700 and 400 bales from Fort Abbas at Rs 6425, they 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 17.11.2017
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37.324 kg 6,400 145 6,545 6,545 NIL
Equivalent
40 kgs 6,859 155 7,014 7,014 NIL
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