Less buying interest pushed prices further down on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate extended overnight losses, falling Rs 50 to Rs 5200, dealers said. In the ready session, around 1200 bales of cotton finalised between Rs 4900 and Rs 4950, they said.
Seed cotton prices in Sindh were at Rs 2400-2500 and in Punjab rates were at Rs 2500 and Rs 2600, they said. Market sources said that mills and spinners were not taking interest in fresh buying slow demand in the world market. Cotton analyst, Naseem Usman said the ginners were trying to sell all old stock even at the lower rate, but, the ginners and mills not ready to pay below their psychological levels,
Reuters adds: ICE cotton futures fell on Tuesday, pressured by a sharply stronger dollar, but pared losses just ahead of the end of the trading session, consolidating further into an increasingly tight trading range. December cotton on ICE Futures US settled down 0.25 cent on Tuesday, a 0.4 percent fall, at 64.55 cents per pound. It traded within a range of 63.93 and 65.03 cents a pound.
Farmers had planted 94 percent of their intended acreage in the week ended June 21, up from 91 percent the prior week but still below the five-year average of 100 percent, according to US government data released Monday after market close. The following deal reported, 200 bales of cotton from Matiyari at Rs 4900, 400 bales from Sanghar at Rs 4900-4950, same figure from Hala at Rs 4900-4950 and 200 bales from Tando Adam at Rs 4950, 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 23.06.2015
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37.324 Kgs 5,200 150 5,350 5,400 -50
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Equivalent
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40 Kgs 5,573 160 5,733 5,786 -53
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