Trade activity came down on the cotton market on Thursday in the process as the leading ginners were on the sidelines due to less buying interest, dealers said. The official spot rate was unchanged at Rs 8100, they added. In ready session, around 2400 bales of cotton changed hands between Rs 8250-8300, they said. Rates of seed cotton per 40kg from Lower Sindh and Punjab were up by Rs 200 to Rs 3800-4100, they said.
Binola per maund prices were higher at Rs 1600-1625 in Sindh and in Punjab rates were at Rs 1700-1725, they said and adding that polyester fibre per kg rates were at Rs 204 amid better demand, they said. According to the market sources, the ginners were not taking interest in new deals as they have already sold enough. Most of them were hoping for increase in rates in the coming days.
Cotton analyst, Naseem Usman said that positive developments on the economic front, are helping traders and businessmen to look ahead to bring the economy back on track. Whereas, many textile businessmen and traders were protesting in different cities particularly in Faisalabad and Karachi against the General Sales Tax (GST) and other measures by the government, other experts said.
Traders said that all measures were increasing cost of production and causing closure of industries in the country, they said. Cotton prices were mixed in international markets.
Adds Reuters: ICE cotton futures eased on Wednesday, as selling ahead of the US Independence Day holiday reversed an early rise of nearly 1%. The most-active cotton contract on ICE Futures US, the third-month December contract, settled down 0.04 cent, or 0.06 %, at 67.25 cents per lb. Total futures market volume fell by 10,590 to 15,646 lots. Data showed total open interest gained 2,654 to 178,400 contracts in the previous session.
The following deals reported: 800 bales of cotton from Tando Adam at Rs 8250/8300, 400 bales from Sanghar at Rs 8250, 400 bales from Shahdadpur at Rs 8250, 400 bales from Mirpurkhas at Rs 8250, 400 bales from Hyderabad at Rs 8250, 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"
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 03.07.2019
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37.324 kg 8,100 160 8,260 8,260 NIL
Equivalent
40 kgs 8,681 171 8,852 8,852 NIL
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