Rates showed further rise on the cotton market on Monday following the persistent demand by local mills and foreign demand, dealers said. The official spot rate on the back of rising demand, picked up more Rs 100 to Rs 4,950, dealers said. In Sindh, seed cotton prices were higher by Rs 100 to Rs 2400 and Rs 2600 and in Punjab prices maintained upward trend, picking up Rs 100 to Rs 2400 and Rs 2800, they said.
In the ready business, around 20,000 bales of cotton changed hands between Rs 4700 and Rs 5200, they said. Market sources said that prices gained strength on fresh deals from India and some African countries to buying cotton. Cotton analyst, Naseem Usman was of the opinion that present rates of cotton attracted international buyers.
He also said that short crop news is not good for stakeholders, so that most of them preferring to lay hands over the fine quality as much as they can purchase. Under the circumstances, it appeared that prices may stay firm or manage to go up, he added. The following deals reported: 1000 bales of cotton from Mirpurkhas at Rs 4700-4850, 1400 bales from Sanghar at Rs 4700-4750, 1000 bales from Tando Adam at Rs 4750-4800, 1000 bales from Shahdadpur at Rs 4750-4800, 2000 bales from Nawabshah at Rs 5000, 2000 bales from Khairpur at Rs 5100-5150, 1600 bales from Rohri at Rs 5100-5150, 1600 bales from Salehpat at Rs 5100-5150, 200 bales from Sahiwal at Rs 4950, 600 bales from Tonsa Sharif at Rs 5050-5100, 1200 bales from Burewala at Rs 5050-5100, 800 bales from Layyah at Rs 5075-5200, 600 bales from Faqeerwali at Rs 5100, 400 bales from Vehari at Rs 5100, 400 bales from Chistian at Rs 5100, 400 bales from Haroonabad at Rs 5100, 800 bales from Dera Ghazi Khan at Rs 5100-5150, 800 bales from Bakhar at Rs 5100-5150, 400 bales from Muhammadpur Dewan at Rs 5100-5150, 1200 bales from Rajanpur at Rs 5100-5150, 1000 bales from Mianwali at Rs 5150-5200 and 400 bales from Liaquatpur at Rs 5150-5200, 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 03-10-2015
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37.324 Kgs 4,950 135 5,085 4,985 +100
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Equivalent
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40 Kgs 5,305 145 5,450 4,985 +107
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