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Coronavirus
VERY HIGH
Pakistan Deaths
15,443
11424hr
Pakistan Cases
721,018
505024hr
Sindh
268,750
Punjab
248,438
Balochistan
20,241
Islamabad
65,700
KPK
98,301

Official spot rates managed to stop further decline on the cotton market on Thursday in the process of improved business activity, dealers said. The official spot rate recovered Rs 100 to Rs 5300, dealers said. In the ready session, around 3000 bales of cotton finalised between Rs 4935 and Rs 5900, they said.
Seed cotton prices in Sindh were at Rs 2300-2500 and in Punjab rates were at Rs 2500 and Rs 2600, they said. According to the market sources said that mills and spinners lay hands over the old and new crop. Cotton analyst, Naseem Usman said the standing crop is in good condition because of favourable weather. The ginners preferred to sell old stock at the lower prices, they said and adding that phutti arrivals are steady, which may cause fall in prices. Load shedding and falling demand by importing countries were the main reason behind the decline in rates, other analysts said.
Reuters adds: ICE cotton futures were little changed on Wednesday, rising slightly in low-volume trading ahead of a US government export sales report expected in the next session, as prices continued to consolidate in an increasingly tight range. "Most people were keeping their powder dry," said Chris Kramedjian, a risk management consultant at INTL FCStone in Nashville, Tennessee, noting that today was the first notice day for the July contract. "Most of the mills that needed to take action versus the July contract have already done that."
December cotton on ICE Futures US rose 0.04 cent on Tuesday, a 0.1 percent gain, to settle at 64.59 cents per pound. It traded within a range of 64.05 and 64.97 cents a pound. The following deal reported, 400 bales of cotton from Kotri at Rs 4935-4949, 300 bales from Tando Mohammad Khan at Rs 4950, 200 bales from Hyderabad at Rs 4950, 600 bales from Sanghar at the same rate, 200 bales from Tando Adam at Rs 4975, 400 bales from Bahawalpur at Rs 5400, same figure from Yazman Mandi at the same rate and 600 bales from Khanpur at Rs 5400-5600, 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 24.06.2015
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37.324 Kgs 5,300 150 5,450 5,350 +100
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Equivalent
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40 Kgs 5,680 160 5,840 5,733 +107
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Copyright Business Recorder, 2015