Tight supply of seed cotton helped the rates to improve with gradual pace on the cotton market on Wednesday, dealers said. The official spot rate was unchanged at Rs 4,650, dealers said. Seed cotton prices in Sindh were unchanged at Rs 2450 and Rs 2550 and in Punjab rates were at Rs 2300 and Rs 2550, they said. In the ready business, over 10,000 bales of cotton changed hands between Rs 4700 and Rs 4800, they said.
Some brokers said that a number of spinners were active to replenish their stock. They said that a pause in arrivals of seed cotton is causing shortage of quality lint. Cotton analyst, Naseem Usman said that picking is on full swing in the Punjab but the spinners were satisfied with the quality.
Adds Reuters: ICE cotton futures rose for the fifth straight session on Tuesday, extending a rally that began with last week's bullish US government crop forecast, but showed signs of losing momentum as it failed to exceed the prior session's high. December cotton on ICE Futures US settled up by 0.11 cent on Tuesday, a 0.2 percent gain, at 66.63 cents per pound. It traded within a range of 66.03 and 66.85 cents a pound.
Total futures market volume fell by 1,611 to 18,735 lots. Data showed total open interest gained 1,523 to 187,981 contracts in the previous session. The following deals reported: 200 bales of cotton from Noabad at Rs 4700, 1600 bales from Sanghar at Rs 4700-4750, 1000 bales from Shahdadpur, 800 bales from Tando Adam, 400 bales from Maqsoodo all finalised at the same rate, same figure from Shahpur Chakar at Rs 4725, 600 bales from Hyderabad at Rs 4750, 1000 bales from Shahdadpur at Rs 4725-4750, 800 bales from Mirpur Khas at Rs 4750, 200 bales from Moro at Rs 4750, 600 bales from Kotri at Rs 4750-4755, 400 bales from Bahawana at Rs 4750, 200 bales from Sahiwal, 400 bales from Mian Chano, 600 bales from Khanewal all done at Rs 4750, 400 bales from Mongi Bangla at Rs 4725, 600 bales from Burewala at Rs 4750 and 400 bales from Chichawatni at Rs 4800, 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 18.08.2015
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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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