Modest trade seen on cotton market

Modest trade was seen on the cotton market on Wednesday as some leading buyers were on the sidelines due to less buying interest, dealers said.
The official spot rate was unchanged at Rs 8000, they added. In ready session, over 11000 bales of cotton changed hands between Rs 7700 and Rs 8400, they said.
Prices of seed cotton per 40kg in Sindh were at Rs 3400-3700, in Punjab rates were at Rs 3200-3800, they said. In Balochistan, seed cotton prices were at Rs 3600-3700, they added.
In Sindh Binola prices per maund were at Rs 1400-1550, while in Punjab rates were at Rs 1550-1650, they said and adding that polyester fibre per kg rates were at Rs 187.
Cotton analyst, Naseem Usman said that trading activity came down due to light rains in Sindh cotton growing areas.
Prices of cotton may move slightly in coming days, dealers said.
Cotton prices move both ways in the international markets, dealers said.
Reuters adds: ICE cotton futures edged up on Tuesday, rebounding from a 3-1/2-year lows touched in the previous session, as the natural fiber drew support from declining U.S. crop ratings.
Cotton contracts for December rose 0.15 cent, or 0.26 %, at 57.97 cents per lb at 01:16 p.m. EDT (1716 GMT). It traded within a range of 57.4 and 59.49 cents a lb.
Total futures market volume fell by 3,856 to 23,242 lots. Data showed total open interest gained 2,026 to 218,885 contracts in the previous session.
The following deals reported: 2000 bales of cotton from Shahdadpur at Rs 7700/7800, 2000 bales from Tando Adam at Rs 7700/7800, 1200 bales from Sanghar at Rs 7700/7750, 1800 bales from Kotri at Rs 7700/7800, 400 bales from Hyderabad at Rs 7700/7750, 200 bales from Khadro at Rs 7800, 400 bales from Sinjoro at Rs 7800, 1000 bales from Nawabshah at Rs 7800, 600 bales from Mian Channu at Rs 8300/8400, 800 bales from Tonsa Sharif at Rs 8200/8300, 1200 bales from Chichawatni 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 27-08-2019

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37.324 kg          8,000     160        8,160        8,160              Nil

Equivalent

40 kgs             8,574     171        8,745        8,745              Nil

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