Not a visible change was seen in the present outlook on the cotton market on Saturday in the process of trading, dealers said. The official spot rate was unchanged at Rs 6,900, they added. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000, they said. In the ready session, only 400 bales of cotton from Khairpur finalised at Rs 6250, they said.
According to the market sources a kind of dullness is persisted as leading spinners have covered their long position and most of them were busy in clearing the cotton consignments. Sharing the same opinion cotton analyst, Naseem Usman said that the removal of GSP plus scheme for another two years may bring positive change in the coming days.
He also observed that several spinners were not taking interest in new deals as they were clearing their cotton consignments. In New York, NY cotton futures were higher on Friday, brokers 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 23-02-2018
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37.324 kg 6,900 145 7,045 7,045 NIL
Equivalent
40 kgs 7,395 155 7,550 7,550 NIL
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