Some leading spinners showed interest in fresh buying of low quality of cotton, which helped to retain present levels, dealers said on Saturday. The official spot rate was unchanged at Rs 7,000, they added. In Sindh and the Punjab, seed cotton prices fell down modestly at Rs 2400-3000, they said. In the ready session, approximately 10,000 bales of cotton changed hands between Rs 6000-7200, they said. According to the market sources, trading activity revived as needy buyers keen in fresh purchasing to replenish their stock.
Cotton analyst, Naseem Usman said that the spinners were trying to lay hands over the low type as prices were matching with their psychological levels. Rising trend in the international markets was a factor behind the improvement in the volume of business, other experts said. In China, markets were closed owing to Luner new year holidays, dealers said.
Adds Reuters: The New York cotton futures managed to gain on Friday.
The following deals reported: 700 bales of cotton from Dadu at Rs 6000, 1600 bales from R.Y.K at Rs 7050/7200, 400 bales from Hasilpur at Rs 6800, 200 bales from Bhakkar at Rs 6800, 1000 bales from Noorpur Naoranga at Rs 6700, 3500 bales from Khanewal at Rs 6600, 600 bales from Haroonabad at Rs 6250 and 1000 bales from Layyah at Rs 6100, 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 16.02.2018
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37.324 kg 7,000 145 7,145 7,145 NIL
Equivalent
40 kgs 7,502 155 7,657 7,657 NIL
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