Prices touched season's high on the cotton market on Friday in the process of trading, dealers said. The official spot rate was higher by Rs 100 to Rs 7100, they said. In ready session, around 10,000 bales of cotton changed hands between Rs 6450-7700, they said.
In the evening, a deal of 10300 bales of cotton from Khanpur done at Rs 7800, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said. Market sources said that tight supply of quality cotton is a solid factor behind the sustained rise in the cotton rates.
Cotton analyst, Naseem Usman said that there was no hope for import of cotton from India because of damage of crop. Reuters adds: ICE cotton futures touched a 3-1/2 year high then dipped to settle lower in thin trading volume on Thursday. Cotton futures were on track to mark their 10th straight weekly gain, the natural fibre's longest such streak since at least the end of 2005.
The most active ICE cotton contracts for March expiry settled down 0.15 cent, or 0.19 percent, at 78.8 cents per lb. It traded within a range of 78.6 and 79.45 cents a lb, a new peak for the contract. Meanwhile, total futures market volume fell by 7,697 to 18,536 lots. Data showed total open interest gained 3,962 to 278,565 contracts in the previous session.
The following deals reported: 600 bales of cotton from Nawabshah at Rs 7000, 500 bales from N. Feroz at Rs 6900, 200 bales from Gupchani at Rs 6800, 400 bales from Dherki at Rs 7700, 800 bales from Liaquatpur at Rs 7200/7500, 600 bales from Rahim Yar Khan at Rs 7500, 200 bales from Ghazi Ghat at Rs 7300, 2000 bales from A. P. East. at Rs 7000/7250, 600 bales from Liaquatpur at Rs 7200, 200 bales from Khanewal at Rs 7075, 400 bales from Rasoolabad at Rs 7000, 400 bales from Yazman Mandi at Rs 6900, 600 bales from Bahawalpur at Rs 6900, 400 bales from Vehari at Rs 6675, 1000 bales from Faqeerwali at Rs 6500/6650, 800 bales from Haroonabad at Rs 6650, 400 bales from Layyah at Rs 6500 and 400 bales from Bahawal Nagar at Rs 6450, 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 28.12.2017
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37.324 kg 7,100 145 7,245 7,145 + 100/-
Equivalent
40 kgs 7,609 155 7,764 7,657 + 107/-
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