Prices maintained an upward trend on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was unchanged at Rs 5,050, dealers said. In Sindh, seed cotton low type was up by Rs 150 to Rs 2600 and better type gained Rs 250 to Rs 2900 and prices in the Punjab were at Rs 2500 and Rs 3100, they said. In the ready business, around 15,000 bales of cotton changed hands between Rs 4750 and Rs 5350, they said.
According to the market sources, leading mills and some exporters continued forward buying to meet the requirements. Cotton analyst, Naseem Usman said that local buyers were trying to import cotton from other countries due to higher rates.
Adds Reuters: ICE cotton settled little changed on Wednesday after hitting a 2-1/2 week peak as producers took advantage of the market's move higher this week, in part due to historic rains and floods in the US Southeast, to fix prices as the harvest loomed. December cotton on ICE Futures US settled down by 0.03 cent on Wednesday, a loss of less than 0.1 percent, at 62.05 cents per pound. It traded within a range of 61.78 and 62.48 cents a pound.
The following deals reported: 800 bales of cotton from Mirpurkhas at Rs 4750-4850, 1000 bales from Tando Adam at Rs 4800-4900, 800 bales from Hyderabad at the same rate, 1000 bales from Nawabshah at Rs 5100-5150, 400 bales from Birya City at Rs 5200, 1000 bales from Khairpur at Rs 5200-5250, same figure from Upper Sindh at Rs 5300-5350, 800 bales from Burewala at Rs 5200, 400 bales from Khanewal, same figure from Kachial, 600 bales from Alipur all done at the same rate, 600 bales from Hasilpur at Rs 5200-5225, same figure from Fort Abbas at Rs 5225-5300, same number from Dera Gazi Khan at Rs 5250-5300, same figure from Ahmedpur at Rs 5300, 1200 bales from Rajanpur, 600 bales from Mohammadpur Dewan, same number from Sadiqabad all done at the same prices, 1000 bales from Layyah at Rs 5300-5350 and 1600 bales from Fazilpur at the same rate, 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 07-10-2015
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37.324 Kgs 5,050 135 5,185 5,185 NIL
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Equivalent
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40 Kgs 5,412 145 5,557 5,557 NIL
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