Panic buying was again witnessed on the cotton market on Thursday as mills and some exporters continued purchasing of best quality of lint, dealers said. The official spot rate was unchanged at Rs 4,750, dealers said. In Sindh, seed cotton prices were at Rs 2300 and Rs 2500 and in Punjab prices were at Rs 2300 and Rs 2550, they said.
In the ready business, around 28,000 bales of cotton changed hands between Rs 4600 and Rs 4950, they said. In the late evening about 1000 bales of cotton from Dera Gazi Khan and Rajanpur done at Rs 5000, they said. According to the market sources, reports of pest attack on standing crop after rains in Sindh and Punjab creating uncertainties among buyers, particularly mills. Cotton analyst, Naseem Usman said that buyers indulged in fears of shortage of fine type, this is a basic factor behind the firmness of rates.
Adds Reuters: ICE cotton fell for the first time in five sessions on Wednesday, as four consecutive sessions of gains brought prices up to levels that attracted producer selling in a market that has barely recovered from recent seven-month lows. December cotton on ICE Futures US settled down by 0.56 cent, or 0.9 percent, at 60.44 cents per pound. It traded within a range of 59.78 and 61.57 cents a pound. Total futures market volume rose by 11,206 lots to 22,040 lots.
The following deals reported: 1600 bales from Mirpurkhas at Rs 4600-4650, 2000 bales from Tando Adam, same figure from Sanghar, 600 bales from Hala all done at the same rate, 2000 bales from Shahdadpur at Rs 4650, 600 bales from Kotri at Rs 4650-4700, 400 bales from Sarhari at Rs 4750, 200 bales from Pang Moreo at the same rate, 1000 bales from New Saeedabad at Rs 4750-4800, 2000 bales from Nawabshah finalised at the same rate, 200 bales from Daur at Rs 4800, 3000 bales from Khairpur at Rs 4800-4850, 2400 bales from Upper Sindh at Rs 2825-4850, 400 bales from Hasilpur at Rs 4850, 600 bales from Burewala at Rs 4850-4860, 400 bales from Tonsa Sharif at Rs 4875, 600 bales from Bakhar at Rs 4900, 1000 bales from Haroonabad, 400 bales from Alipur, 800 bales from Bahawalpur, 400 bales from Ahmedpur, same number from Fazilpur, same figure from Fort Abbas, equal figure from Faqir Wali all done at the same amount, 600 bales from Khanewal, 800 bales from Rajanpur at Rs 4925, 600 bales from Mian Chanu at Rs 4900-4950, 600 bales from Kabirwala, 400 bales from Mohammadpur Dewan and same number 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 30.09.2015
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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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