Cautious selling by ginners seen on the cotton market on Saturday as supply of best quality was tight due to fog in many parts of Punjab, dealers added. The official spot rate was higher by Rs 50 to Rs 4,850, they said. In the ready session, around 22,000 bales of cotton changed hands between Rs 3250-5100, they said. In Sindh, prices were unchanged at Rs 1600 and Rs 2500, in Punjab prices were inert at Rs 2200 while the best type picked up by Rs 100 to Rs 2700, they said.
Picking operation slowed down in most parts of the Punjab, causing slight rise in prices, market sources said. Cotton analyst, Naseem Usman said that prices may move up amid strong demand for good quality, secondly, the rates are firm in the international market, which likely to help prices to stabilise in the local market.
Reuters adds: Cotton futures eased on Friday as lack of buying interest and weak oil prices weighed. The most-active March cotton contract on ICE Futures US closed down 0.15 cent, or 0.2 percent, at 61.63 cents a lb. The following deals reported: 400 bales from Hyderabad at Rs 3250/3300, 1000 bales from Shahdadpur at Rs 3250/4050, 1400 bales from Sanghar at Rs 3300/3800, 400 bales from Jhole at Rs 3800, 200 bales from Dadu at Rs 4750, 1600 bales from Khairpur at Rs 4800, 1000 bales from Upper Sindh at Rs 4800, 500 bales from Shahpur Chaker at Rs 4100, 400 bales from Vehari at Rs 4550, 400 bales from Kahror Pakka at Rs 4650/4750, 400 bales from Mian Chano at Rs 4725, 400 bales from Hasilpur at Rs 4800, 1600 bales from Haroonabad at Rs 4850/4950, 2000 bales from Ahmedpur at Rs 4850/5000, 1000 bales from Layyah at Rs 4900, 400 bales from Allahabad at Rs 4900, 400 bales from Lodhran at Rs 4900, 1000 bales from Shahdan Lund at Rs 5000, 1000 bales from Yazman Mandi at Rs 5000, 400 bales from Mianwali at Rs 5075, 1500 bales from Rahim Yar Khan at Rs 4975/5100, 1000 bales from Sadiqabad at Rs 5000/5100, 2000 bales from Rajanpur at Rs 5100 and 1600 bales from Fazilpur at Rs 5100, 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 1-1/32"
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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 28.12.2014
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37.324 Kgs 4,850 150 5,000 4,950 +50
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Equivalent
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40 Kgs 5,198 160 5,358 5,304 +54
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