Firmness prevailed on the cotton market on Friday as persistent demand helped rates to hold present levels in the process of trading, dealers said. The official spot rate was unchanged at Rs 5,250, dealers said. In Sindh, seed cotton prices were at Rs 2400 and Rs 2900 and in the Punjab rates were at Rs 2500 and Rs 3050, they said.
In the ready business, nearly 17,000 of deals were finalised between Rs 4625 and Rs 5600, they said. Commenting on the present situation in the market, some experts said that buyers and sellers both have no clear version about the future direction, so that some of them adopted no change in their policies, doing routine business to run their vehicles.
Cotton analyst, Naseem Usman said the government has cut down two hours in supply of gas to the textile industries. This factor is an adding confusing factor for textile industries, he added. Reports showing that China imported 42,100 tonnes of cotton in October, its lowest for at least a decade and down 48.6 percent from the same month last year, according to an industry website.
Reuters adds: ICE cotton prices retreated on Thursday as rains eased in key growing regions of the United States during the harvest and weak demand weighed. March cotton on ICE Futures US settled down 0.15 cent, or 0.24 percent, at 62.16 cents per lb. It traded within a tight range of 62.03 and 62.70 cents a lb.
The following deals reported, 600 bales from Shahdadpur at Rs 4625-4900, 600 bales from Moro at Rs 5350, 2000 bales from Khairpur at Rs 5375-5400, 2500 bales from Upper Sindh at Rs 5500-5550, 400 bales from Dharn Wala at Rs 5300, 600 bales from Bahawalpur at Rs 5400, 800 bales from Layyah at Rs 5400-5450, 400 bales from Tonsa Sharif at Rs 5450, 800 bales from Khanewal at Rs 5450, 400 bales from Kabirwala at Rs 5450, 800 bales from Dera Ghazi Khan at Rs 5450-5500, 1000 bales from Ahmedpur at Rs 5475-5500, 600 bales from Rajanpur at Rs 5500, 400 bales from Faqirwali at Rs 5500, 600 bales from Yazman Mandi at Rs 5525, 800 bales from Mianwali at Rs 5525-5600, 600 bales from Haroonabad at Rs 5550, 400 bales from Liaquatpur at Rs 5550 and 1000 bales from Rahim Yar Khan at Rs 5550-5575, 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 12-11-2015
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37.324 kg 5,250 135 5,385 5,385 NIL
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Equivalent
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40 kgs 5,626 145 5,771 5,771 NIL
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