Persistent demand by mills pushed rates to hit season's peak on the cotton market on Friday in the process of trading, dealers said. The official spot rate maintained upward march for the third day, gaining Rs 50 to Rs 4,700, dealers said. Seed cotton prices in Sindh were at Rs 2400 and Rs 2450 and in Punjab rates were at Rs 2300 and Rs 2450, they said.
In the ready business, around 18,000 bales of cotton changed hands between Rs 4700 and Rs 4950, they said. They said that due to strong demand, in the late a deal of 400 bales of cotton from Khanewal done at Rs 5000. Market sources said that prices touched the season's high due to tight supply of cotton. They said that ginners were facing difficulty in purchasing of fine quality.
Other experts shared the same views, narrated that the growers were holding back the stuff to earn better in the coming days. Cotton analyst, Naseem Usman said that they were engage in haulage of sacrificial animals, which is also causing panic some panic buying. Reuters adds: ICE cotton inched up on Thursday but remained within a tight trading range as traders looked ahead to the US government supply and demand report expected on Friday, which will be the first after an unexpectedly bullish report last month.
December cotton on ICE Futures US settled up by 0.13 cent on Thursday, a 0.2 percent gain, at 63.05 cents per pound. It traded within a range of 62.91 and 63.90 cents a pound. Total futures market volume rose by 4,978 to 15,527 lots. Data showed total open interest gained 903 to 180,578 contracts in the previous session.
The following deals reported: 2000 bales from Tando Adam at Rs 4700/4800, 2000 bales from Shahdadpur at Rs 4700/4800, 200 bales from Matairi at Rs 4700, 1400 bales from Mirpurkhas at Rs 4725/4800, 2000 bales from Sanghar at Rs 4750-4800, 1600 bales from Nawabshah at Rs 4750/4800, 800 bales from Hyderabad at Rs 4750, 800 bales from Kotri at Rs 4750, 600 bales from Jhole at Rs 4750, 600 bales from Moro at Rs 4750, 200 bales from Rasoolabad at Rs 4750, 400 bales from New Saeedabad at Rs 4800, 400 bales from Vindar at Rs 4750/4800, 600 bales from Sahiwal at Rs 4825/4900, 400 bales from Chistian at Rs 4850, 600 bales from Hasilpur at Rs 4850/4900, 800 bales from Burewala at Rs 4850/4900, 400 bales from Kabirwala at Rs 4900, 400 bales from Mian Chano at Rs 4900, 400 bales from Arifwala at Rs 4900, 1000 bales from Vehari at Rs 4900/4950, 200 bales from Jhang at Rs 4900, 400 bales from Fazilpur at Rs 4900, 400 bales from Rajanpur at Rs 4900, 1200 bales from Khanewal at Rs 4900/4950 and 400 bales from Rahim Yar Khan at Rs 4950, 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 10.09.2015
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37.324 Kgs 4,700 135 4,835 4,785 +50
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Equivalent
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40 Kgs 5,037 145 5,182 5,128 +54
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