Rates remained firm on the cotton market on Wednesday amid lack of buying interest from mills and spinners partly because of increase in import of cotton, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh seed cotton prices up by Rs 100 to Rs 2100-3000 in the Punjab prices of low type also gained Rs 100 to Rs 2100-3100, they said.
In the ready business, nearly 7,000 bales of cotton changed hands between Rs 4,300 and Rs 5,600, they said. According to the market sources, report of short crop and depressed demand for lint from spinners were basic factors which dampening sentiments. In fact, both buyers and sellers were facing tough time due to several negative, they said.
Cotton analyst, Naseem Usman said that 2.1 million bales of cotton have reached the country to compensate demand. Other brokers said that due to world recession, the textile industry is in difficult position year-end closing of banks is an adding factor for mills and spinners. The following deals were finalised: 400 bales from Tando Adam at Rs 4300, 400 bales from Salehpat at Rs 5375, 400 bales from Rohri at Rs 5450, 600 bales from Khairpur at Rs 5600, 200 bales from Dharki at Rs 5600, 400 bales from Yazman Mandi at Rs 5300, 400 bales from Tonsa Sharif at Rs 5550, 600 bales from Mianwali at Rs 5525, 400 bales from Rahim Yar Khan at Rs 5600 and 400 bales from Sadiqabad at Rs 5600.
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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 1-1/32"
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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 22.12.2015
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37.324 kg 5,250 135 5,385 5,385 NIL
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Equivalent
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40 kgs 5,626 145 5,771 5,771 NIL
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