Hovering fears about the size and quality of next production of cotton, propelled mills and spinners to keep forward buying, dealers said on the cotton market on Wednesday. The official spot rate was unchanged at Rs 4,750, dealers said. In Sindh, seed cotton prices were at Rs 2300 and Rs 2450 and in Punjab prices were at Rs 2300 and Rs 2550, they said.
In the ready business, around 20,000 bales of cotton changed hands between Rs 4650 and Rs 4950, they said. Cotton analyst, Naseem Usman said that persistent buying by mills and spinners help the rates to present levels. Other brokers said that rains in Sindh and Punjab may cause slight damage to the crop and quality of cotton. Prices are likely to hold firmness in the coming days, they added.
Adds Reuters: ICE cotton rose for the fourth straight session on Tuesday as recent rains in US growing regions stoked concern as harvesting begins, though traders said further rains would be necessary for truly significant damage to crops. December cotton on ICE Futures US settled up by 0.25 cent on Tuesday, a 0.4 percent gain, at 61 cents per pound. It traded within a range of 60.55 and 61.25 cents a pound. Total futures market volume fell by 852 to 10,615 lots. Data showed total open interest gained 1,483 to 184,804 contracts in the previous session.
The following deals reported: 400 bales from Jhole at Rs 4650, 1000 bales from Sanghar at Rs 4650, 2000 bales from Shahdadpur at Rs 4650-4700, 1600 bales from Tando Adam at Rs 4650-4700, 1200 bales from Nawabshah at Rs 4750-4800, 3000 bales from Khairpur at Rs 4800-4825, 2000 bales from Upper Sindh at Rs 4800-4850, 600 bales from Burewala at Rs 4800, 600 bales from Chichawatni at Rs 4825, 800 bales from Haroonabad at Rs 4850, 600 bales from Fort Abbas at Rs 4850, 400 bales from Vehari at Rs 4850, 400 bales from Tonsa Sharif at Rs 4875-4900, 600 bales from Rajanpur at Rs 4900, 400 bales from Fazilpur at Rs 4900, 400 bales from Dera Ghazi Khan at Rs 4900, 600 bales from Alipur at Rs 4900-4950, 400 bales from Bakhar at Rs 4950, 600 bales from Mianwali at Rs 4950 and 400 bales from Layyah 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 29.09.2015
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37.324 Kgs 4,750 135 4,885 4,885 NIL
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Equivalent
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40 Kgs 5,091 145 5,236 5,236 NIL
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