A few deals finalised on the cotton market on Saturday as most of the mills and spinners kept on the sidelines ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly data, dealers said. The official spot rate was unchanged at Rs 6,600, they said. In Sindh, seed cotton prices were down by Rs 50 to Rs 2800-3250, in the Punjab, rates also shed the same amount to Rs 2800-3400, as per 40 kg, they said.
Market sources observed that a kind of dullness prevailed in the market after reports of withdrawal of ban on import of Indian cotton. Cotton analyst, Naseem Usman said that many were expecting that trading activity may pick up next week. Adds Reuters: ICE cotton rose on Friday buoyed by a streak of supportive export sales reports over the last few weeks, further supported by concerns of crop quality in top producer Texas.
Cotton contracts for March settled up 0.47 cent, or 0.65 percent, at 73.28 cents per lb. It traded within a range of 72.66 and 73.41 cents a lb. The contract registered its sixth consecutive weekly gain and was up about 1.9 percent for the week. On Thursday, the US Department of Agriculture reported net sales of 276,500 running bales for 2017-18, down 23 percent from the previous week and 14 percent from the prior four-week average, in its weekly export sales report.
Export sales for the natural fibre have totalled over 1.1 million bales in the last three weeks. Total futures market volume fell by 13,634 to 24,498 lots. Data showed total open interest gained 3,594 to 246,338 contracts in the previous session.
The following deals reported: 1400 bales of cotton from Saleh Pat at Rs 6550 and 400 bales from Rohri at Rs 6550, 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 30.11.2017
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37.324 kg 6,600 145 6,745 6,745 NIL
Equivalent
40 kgs 7,073 155 7,228 7,228 NIL
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