Prices went up sharply on the cotton market on Monday ahead of long-holidays, dealers said. The official spot rate was unchanged at Rs 4700, dealers said. Seed cotton prices in Sindh were at Rs 2300-2350 and in Punjab rates were at Rs 2350 and Rs 2450, they said. In the ready business, around, 5000 bales of cotton changed hands between Rs 4750 and Rs 5150, they said.
Some brokers said that mills and spinners trying to cover forward buying to maintain their stock. Cotton analyst, Naseem Usman said that rates to go up further after Eid holiday because 150 ginning factories will become functional with an increase in arrivals of seed cotton. The following deals reported: 1000 bales of cotton from Shahdadpur sold at Rs 4750-4800, 400 bales from Khipro at the same rate, 1000 bales from Sanghar at Rs 4800, 600 bales from Kotri at the same rate, 1000 bales from Mirpurkhas at Rs 4800, 200 bales from Haroonabad at Rs 5100 and 400 bales from Burewala at Rs 5100-5150, dealers 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 11.07.2015
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37.324 Kgs 4,700 150 4,850 4,850 NIL
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Equivalent
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40 Kgs 5,037 160 5,197 5,197 NIL
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