Prices stabilised on the cotton market on Saturday as the ginners adopted the strategy of tolerance, helping rates to hold the present levels, dealers said. The official spot rate was unchanged at Rs 5,300, dealers said. In Sindh, seed cotton prices were at Rs 2400 and Rs 3000 and in the Punjab rates were at Rs 2400 and Rs 3100, they said.
In the ready business, the deals of over 17,000 bales of cotton finalised between Rs 4775 and Rs 5650, they said. Market sources said that the ginners and growers, who suffered from huge losses in the past, now trying to away from futures losses. On the other hand, the mills and spinners were living in the unfavourable circumstances, making deals to keep their business on, cotton analyst, Naseem Usman said.
Reuters adds: ICE cotton futures fell in late-day selling after trading in positive territory for most of the day following a US government report that showed a drop in the percentage of exchange-grade cotton, stoking supply concerns. March cotton on ICE Futures US settled down 0.29 cent, or 0.46 percent, at 62.83 cents per lb. It traded within a range of 62.75 and 63.42 cents a lb.
The contract closed the week up 1.3 percent, its second-straight weekly gain and its sharpest weekly gain since the week ended October 16. Total futures market volume fell by 1,109 to 20,290 lots. Data showed total open interest fell 451 to 174,966 contracts in the previous session.
The following deals reported, 400 bales of cotton from Johle at Rs 4775, same figure from Chowgi at Rs 5000, same number from Sarhari at the equal rate, 800 bales from Nawabshah at Rs 5275-5300, 600 bales from Daur at Rs 5300, 3000 bales from Khairpur at Rs 5400-5450, 2000 bales from Upper Sindh at Rs 5450-5650, 1000 bales from Burewala at Rs 5000-5550, 800 bales from Vehari at Rs 5300-5600, 400 bales from Dharanwala at Rs 5400, 800 bales from Ahmedpur at the same rate, 1200 bales from Haroonabad at Rs 5425-5575, 1000 bales from Fort Abbas at Rs 5475-5550, 600 bales from Uch Sharif at Rs 5500, 1200 bales from Rahim Yar Khan at Rs 5500-5650, 1000 bales from Fazilpur at Rs 5550, same figure from Mianwali at Rs 6525-5625 and 600 bales from Sadiqabad at Rs 5650, 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 20-11-2015
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37.324 kg 5,300 135 5,435 5,435 NIL
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Equivalent
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40 kgs 5,680 145 5,825 5,825 NIL
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