Prices firm on the cotton market on Friday due to selective buying by mills and spinners, dealers said. The official spot rate was unchanged at Rs 4700, dealers said. Seed cotton prices in Sindh were at Rs 1700-2200 and in the Punjab rates were at Rs 1723-2300, they said. In the ready business, over 8000 bales of cotton changed hands between Rs 4600 and Rs 4900, they said.
Market sources said that prices of cotton showed firmness after monsoon rains. Cotton analyst, Naseem Usman said that quality of cotton affected by monsoon rains in the country. He further said that prices of cotton may come down slightly in the coming days due to said reasons.
Reuters adds: Benchmark cotton futures on ICE Futures US dropped to a more than three-month low on Thursday. The following deals reported: 1000 bales of cotton from Shahdadpur sold at Rs 4600-4700, 800 bales from Hyderabad at Rs 4625-4690, 1000 bales from Sanghar at Rs 4625-4700, 400 bales from Kotri at Rs 4650, 200 bales from Golarchi at the same rate, 1000 bales from Mirpurkhas at Rs 4650-4700, 1000 bales from Tando Adam at Rs 4650-4725, 400 bales from Moro at Rs 4700, 600 bales from Pakpattan at Rs 4775-4800, 200 bales from Gojra at Rs 4875, 400 bales from Arifwala, same figure from Pir Mahal and same number from Chichawatni all done at Rs 4900, 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 30.07.2015
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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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