Not much business activity was witnessed on the cotton market on Monday ahead of Labour Day holiday, dealers said. The official spot rate was inert at Rs 7400, they added. In both Sindh and Punjab, seed cotton prices were at Rs 2800-3100, they said. In the ready session, around 400 bales of cotton changed hands at Rs 7400, they said and adding that a deal of over 6000 bales from Khanpur sold at Rs 8000.
Market sources said that most of buyers were out of the market due to less buying interest. They attributed the fall in the trading activity due to cautious attitude by the ginners, who were not keen in selling as they have limited stock lint cotton.
Over 2 lacs bales of unsold cotton are with the ginners, so that they were not in a hurry in making new deals. Cotton analyst, Naseem Usman said that at the end of the session the spinners stayed away from proceedings due to non-availability of the fine quality cotton. He also said that polyester fibre went up on rising demand. The leading world cotton markets gave higher trend, 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 28-04-2018
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37.324 kg 7,400 145 7,545 7,545 NIL
Equivalent
40 kgs 7,931 155 8,086 8,086 NIL
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