Prices of seed cotton improved modestly on the cotton market on Thursday amid tight supply, dealers said. The official spot rate was down by Rs 50 to Rs 4,450, dealers said. Seed cotton prices in Sindh were at Rs 2300 and Rs 2450 and in Punjab rates at Rs 2200 and Rs 2350, they said. In the ready business, over 9,000 bales of cotton changed hands between Rs 4525 and Rs 4600, they said.
Commenting on the fresh rise in the seed cotton prices, some experts said that both growers and ginners were not ready to sell at the present levels in expectations of better profit of margin. Cotton analyst, Naseem Usman said that prices of good quality of seed cotton may go up further in the coming days.
Reuters adds: ICE cotton futures hit a two-week low on Wednesday despite a rebound in global equities, suggesting supply concerns prompted by a bullish US government crop report two weeks ago are evaporating. December cotton on ICE Futures US settled down 0.65 cent on Wednesday, a 1 percent loss, at 62.51 cents per pound, after falling as low as 62.26 cents a pound, its lowest level since August 12. Total futures market volume fell 4,285 to 22,297 lots. Data showed total open interest fell 4,060 to 183,346 contracts in the previous session.
The following deals reported: 200 bales of cotton from Shahpur Chakar at Rs 4525, 1200 bales from Sanghar at Rs 4525-4550, 1000 bales from Shahdadpur at Rs 4550, 800 bales from Tando Adam, 1000 bales from Mipurkhas, 600 bales from Hyderabad, 400 bales from Moro, same figure from Sahiwal 400 bales from Chichawatni, 200 bales from Mongi Bangla, 1000 bales from Khanewal, 400 bales from Jahanian all done at Rs 4550, 600 bales from Burewala at Rs 4550-4590, 400 bales from Kahirwala at Rs 4550-4600 and 200 bales from Samundri at Rs 4575, 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 26.08.2015
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37.324 Kgs 4,450 135 4,585 4,635 -50
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Equivalent
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40 Kgs 4,769 145 4,914 4,968 -54
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