Prices maintained steadier trend on the cotton market on Tuesday in the process of persistent demand by mills and spinners, dealers said. The official spot rate was unchanged at Rs 4,950, dealers said. In Sindh, seed cotton prices posted fresh gain of Rs 100 to Rs 2500 and Rs 2600 and prices in Lahore were sharply higher by Rs 200 to Rs 2600 and Rs 2900, they said. In the ready business, around 18,000 bales of cotton changed hands between Rs 4775 and Rs 5250, they said.
According to the market sources, rates were stable and may maintain upward trend due to persistent demand by mills and spinners. Cotton analyst, Naseem Usman said that due to higher prices of fine quality lint, local buyers were importing cotton from India and S African countries.
Adds Reuters: ICE cotton jumped to a two-week high on Monday as historic rains in South Carolina, which flooded streets and left nine people dead, also inundated cotton fields in the region, potentially damaging yields and crop quality. December cotton on ICE Futures US settled up by 1.73 cent on Monday, a 2.9 percent gain, to 61.87 cents per pound, after rising as high as 62.23 cents a pound, its highest level since September 18. Total futures market volume rose by 14,207 to 28,516 lots. Data showed total open interest gained 295 to 188,488 contracts in the previous session.
The following deals reported: 1600 bales from Sanghar at Rs 4775, 1200 bales from Tando Adam at Rs 4775, 600 bales from Kotri at Rs 4775, 1000 bales from Shahdadpur at Rs 4800-4850, 400 bales from Hala at Rs 4900, 1800 bales from Nawabshah at Rs 4900-5000, 2000 bales from Khairpur at Rs 5100-5150, 2000 bales from Upper Sindh at Rs 5100-5150, 500 bales from Burewala at Rs 5000, 400 bales from Hasilpur at Rs 5100, 1000 bales from Haroonabad at Rs 5100-5200, 800 bales from Kabirwala at Rs 5100-5200, 600 bales from Faqirwali at Rs 5150, 400 bales from Vehari at Rs 5150, 800 bales from Dera Ghazi Khan at Rs 5175, 600 bales from Layyah at Rs 5200, 600 bales from Mianwali at Rs 5200-5250, 400 bales from Rajanpur at Rs 5250 and 400 bales from Muhammadpur Dewan at Rs 5250, 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 05-10-2015
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37.324 Kgs 4,950 135 5,085 5,085 NIL
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Equivalent
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40 Kgs 5,305 145 5,450 5,450 NIL
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