Prices maintained an upward march on the cotton market on Friday in the process of panic buying by mills and spinners on short crop reports, dealers said. The official spot rate was higher by Rs 50 to Rs 4,800, 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 35,000 bales of cotton changed hands between Rs 4600 and Rs 5000, they said.
Market sources said that mills and spinners were facing uncertainty over the size of production and quality after rains in country last days. Cotton analyst, Naseem Usman said that buyers were not sure about price of cotton, on the other hand, quality is also another major reason, which is propelling them to make forward buying.
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. Data showed total open interest gained 1,219 to 186,023 contracts in the previous session.
The following deals reported: 1600 bales from Mirpurkhas at Rs 4600/4650, 400 bales from Jhole at Rs 4650, 2000 bales from Shahdadpur at Rs 4650/4700, 2000 bales from Tando Adam at Rs 4650/4700, 2000 bales from Sanghar at Rs 4650/4700, 2000 bales from Shahdadpur at Rs 4650/4675, 1000 bales from Shahpur Chaker at Rs 4750/4800, 400 bales from Moro at Rs 4800, 2600 bales from Nawabshah at Rs 4800/4900, 400 bales from Bandhi at Rs 4850, 400 bales from Daur at Rs 4850, 600 bales from New Saeedabad at Rs 4850/4900, 2000 bales from Khairpur at Rs 4850/4950, 2000 bales from Salehpat at Rs 4850/4900, 2000 bales from Rohri at Rs 4900/5000, 200 bales from Hyderabad at Rs 4600, 800 bales from Burewala at Rs 4800/4850, 400 bales from Shujaabad at Rs 4900, 200 bales from Pir Mehal at Rs 4900, 400 bales from Alipur at Rs 4900, 600 bales from Bakhar at Rs 4900, 600 bales from Chichawatni at Rs 4900, 400 bales from Hasilpur at Rs 4900, 600 bales from Vehari at Rs 4900/4950, 800 bales from Khanewal at Rs 4900/5000, 400 bales from Chistian at Rs 4925, 600 bales from Faqirwali at Rs 4950, 600 bales from Fort Abbas at Rs 4950, 400 bales from Fazilpur at Rs 4950, 200 bales from Shair Sultan at Rs 4950, 800 bales from Haroonabad at Rs 4950, 600 bales from Rajanpur at Rs 4950/5000, 600 bales from Layyah at Rs 4950/5000, 600 bales from Mian Chano 5000 and 400 bales from Dera Ghazi Khan at Rs 5000, 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 01.10.2015
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37.324 kg 4,800 135 4,935 4,885 + 50
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Equivalent
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40 Kgs 5,144 145 5,289 5,236 + 53
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