Steadier trend was seen on the cotton market on Tuesday on persistent demand of phutti by the mills and spinners, dealers said. The official spot rate was unchanged at Rs 4,650, dealers said. Seed cotton prices in Sindh were at Rs 2450 and Rs 2550 and in Punjab rates were at Rs 2300 and Rs 2550, they said. In the ready business, over 16,000 bales of cotton changed hands between Rs 4700 and Rs 4750, they said.
Market sources said that prices sustained firmness on the back of short supply of phutti and sharp rise in demand of quality lint. They said that the ginners in Sindh were facing short supply of seed cotton. Cotton analyst, Naseem Usman said that rains in some parts of cotton belt is still a concern because the crop could suffer pest attack mainly because of excess moisture.
Adds Reuters: ICE cotton futures rose for the fourth straight session on Monday and touched the highest level since July 10, bolstered by last week's bullish US government forecast. The ICE Futures US cotton contract for December delivery settled up by 0.57 cent on Monday, a 0.9 percent gain, to 66.52 cents per pound. It rallied as high as 66.89 cents.
The following deals reported: 200 bales of cotton from Golarchi at Rs 4700, 1400 bales from Sanghar at the same rate, 1000 bales from Jotri at Rs 4700-4750, 1200 bales from Hyderabad, 1800 bales from Mirpur Khas, 1000 bales from Tando Adam, 1400 bales from Shahdadpur all done at Rs 4725-4750, 200 bales from Hala at Rs 4750, 400 bales from More at the same rate, 600 bales from Chichawatni at Rs 4600-4750, 400 bales from Sahiwal at Rs 4650, 600 bales from Burewala at Rs 4700, 200 bales from Patoki, same numbr from Vehari finalised at Rs 4700, 400 bales from Arifwala same number from Bhawal Nagar at Rs 4725, same figure from Mongi Bankgla, same figure from Hasilpur, same figure from Pakpattan all done at Rs 4725, 600 bales from Tobatek Singh at Rs 4725-4750, 500 bales from Gojra at Rs 4750 and 400 bales from Samundri at the same rate, 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 17.08.2015
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37.324 Kgs 4,650 135 4,785 4,785 NIL
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Equivalent
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40 Kgs 4,983 145 5,128 5,128 NIL
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