Mills and spinners showed persistent interest in fresh buying of fine quality to cover their requirement, dealers said on the cotton market on Friday. The official spot rate was unchanged at Rs 4,650, dealers said. Seed cotton prices in Sindh were lower by Rs 50 to Rs 2400 and Rs 2500 and in Punjab rates were down by Rs 150 to Rs 2200 and Rs 2450, they said. In the ready business, over 13,000 bales of cotton changed hands between Rs 4675 and Rs 4800, they said.
Some leading experts said that in late evening the prices showed softness as Binola rates dropped after fall in prices. They said that exporters may take interest in new buying due to lower rates in the local market. Cotton analyst, Naseem Usman said that needy buyers will definitely try to cover the urgent needs, which most probably help the rates to hold firmness in time to come.
Adds Reuters: ICE cotton futures approached a six-week high on Thursday as speculators took advantage of a lack of hedge selling from producers, following last week's US government crop forecast that cut US production expectations more than expected. December cotton on ICE Futures US settled up by 0.4 cent on Thursday, a 0.6 percent gain, at 66.93 cents per pound, after rising as high as 66.99 cents a pound, its highest since July 10.
Total futures market volume fell by 6,399 to 16,488 lots. Data showed total open interest gained 2,024 to 192,930 contracts in the previous session. The following deals reported: 2000 bales of cotton from Sanghar at Rs 4700-4750, 200 bales from Matli at Rs 4750, 1400 bales from Mirpurkhas at the same level, same figure from Shahdadpur done at the same rate, 600 bales from Hyderabad at Rs 4750, 400 bales from Hala, same figure from Kotri, 200 bales from Tando Allahyar finalised at the same rate, same number from Sumandri at Rs 4675, equal number from Muridwala at the same rate, same figure from Bahawal Nagar at Rs 4700, 1000 bales from Burewala at Rs 4700-4750, 400 bales from Jhang, same figure from Chichawatni at the same rate, 200 bales from Tobatak Sindh at Rs 4735, equal number from Harapa at same price, 400 bales from Sahiwal at Rs 4725, 400 bales from Arifwala at Rs 4750, same number from Kabirwala and same figure from Mian Chano all done at the same level, 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 20.08.2015
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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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