Prices moved cautiously on the cotton market on Saturday ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said. The official spot rate was unchanged at Rs 5500, dealers said. In Sindh, seed cotton prices were at Rs 2500 and Rs 3100 and in Punjab rates were at Rs 2600 and Rs 3200, they said. In the ready business, nearly 17,000 bales of cotton were finalised between Rs 5450 and Rs 5775, they said.
Market sources said that more or less prices were unchanged as leading buyers were not so much interested in the fresh buying, waiting for PCGA report to make strategy. Prices may depict on short supply and likely rise in cotton yarn demand after imposition of 10 percent regulatory duty on the imports from November, they added. Cotton analyst, Naseem Usman said that main buyers were making deals cautiously due to country's unstable political and economic conditions.
Reuters adds: ICE cotton futures rose the most in 2-1/2 weeks on Friday as rains in West Texas, the top US producing region, were seen leaving the crop susceptible to quality damage and prompting concerns about yield loss with more rain forecast for next week. December cotton on ICE Futures US settled up by 1 cent on Friday, a 1.6 percent gain, at 63.32 cents per pound, marking its sharpest single-session gain since October 13. It traded within a range of 62.36 and 63.44 cents a pound.
The contract closed the week up 0.9 percent, and ended the month of October up 4.8 percent, its first monthly gain since June. Total futures market volume remained unchanged at lots. The following deals reported: 400 bales of cotton from Bandhi at Rs 5450, same number from Tharo Shah at the same rate, same figure from Moro at Rs 5500, 600 bales from Windar at Rs 5450-5500, 400 bales from Uthal at the same level, same number from Akri at Rs 5550, same number from Korondi, same number from Kandiyaro all done at the same rate, 2000 bales from Mehrabpur at Rs 5550-5600, 400 bales from Khanpur at the same rate, 1000 bales from Rohri at Rs 5600-5650, 400 bales from Kassowal at Rs 5400, 600 bales from Chihawatni at Rs 5450, 400 bales from Samundry at Rs 5600, 800 bales from Hasilpur at Rs 5600-5700, 400 bales from Bahawal Nagar at Rs 5650, 600 bales from Fort Abbas at Rs 5700, 400 bales from Faquirwali at the same rate, 800 bales from Haroonabad, 200 bales from Shair Shultan, 600 bales from Jalalpur all done at the same price, 1000 bales from Rahim Yar Khan at Rs 5725-5775, 400 bales from Rahanpur at Rs 5750, same number from Mianwali, 600 bales from Dera Ghazi Khan, 800 bales from Sadiqabad, 600 bales from Fazilpur and 800 bales from Layyah all done 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 30-10-2015
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37.324 kg 5,500 135 5,635 5,635 NIL
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Equivalent
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40 Kgs 5,894 145 6,039 6,039 NIL
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