Listless business seen

Not a single deal was reported on the cotton market on Thursday as leading buyers were on sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 7,400, they added. In the ready session, no business was seen during the day, they said.
Market sources said that some spinners tried to lay hands over the fine quality but the ginners were not ready to oblige them because prices were not matching with their psychological levels. They said that the ginners were not ready to lower rates as they have no enough stocks of best quality of lint.
Cotton analyst, Naseem Usman said that prices of 1000-1500 Maund of seed cotton from Sindh were at Rs 3800 per 40 kg. Cotton prices to move up due to strong demand.
Other brokers shared the same opinion and said that India may take no time to cancel the deals if prices go up sharply.
Adds Reuters: ICE cotton futures slipped on Wednesday after marking a more than four-year high, weighed down by profit-taking and the rolling over of positions by index funds to the December contract.
ICE cotton contract for July expiry settled down 0.72 cent, or 0.77 percent, at 92.49 cents per lb. Cotton futures traded within a range of 91.22 and 96.4 cents a lb, a peak since March 2014.
The contract for December expiry settled 0.2 percent higher at 90.85 cents per lb. The contract touched an all-time high of 93.73 cents a lb earlier in the session. In India, cotton prices moved both ways.

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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 30-05-2018

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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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