A renewed buying interest by mills helped the volume of business to improve moderately on the cotton market on Friday, dealers said. The official spot rate was unchanged at Rs 5,400, dealers said. In Sindh, prices of seed cotton were at Rs 2000 and Rs 3000 and in the Punjab, rates were at Rs 2300 and Rs 3100, they said.
In the ready business, over 8,000 bales of cotton changed hands between Rs 5375 and Rs 5700, they said.
They said that buyers came back into the market to replenish their stock, but most of them were facing difficulty in finding the better quality of lint.
So that local mills and spinners attracted by recent fall in the value to the Indian rupee against the dollar, experts said. Pak importers have started making deals to buy Indian cotton, they said. Cotton analyst, Naseem Usman said that it is an anticipation that Pak exhibitors in the Heilmtextil trade fair to return with good orders from international buyers.
Reuters adds: Cotton futures fell for the first time in four sessions on Thursday, as a strong US government export sales report was outweighed by a stronger dollar and continued concern about economic growth in China, the world's top cotton consumer.
March cotton settled down 0.24 cent, or 0.39 percent, at 61.90 cents per lb. It traded within a range of 61.75 and 62.46 cents a lb. Total futures market volume fell by 1,157 to 21,491 lots. Data showed total open interest fell 927 to 181,667 contracts in the previous session.
The following deals finalised: 2000 bales of cotton from Dharki at Rs 5700, 400 bales from Yazman Mandi soled at Rs 5375, same figure from Layyah at Rs 5390, 1100 bales from Ghazi Ghat at Rs 5475, 400 bales from Lodhran at Rs 5500, 1600 bales from Bahawalpur at Rs 5600, 600 bales from Mianwali at the same rate and 1000 bales from Sadiqabad at Rs 5650, they 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 14-01-2016
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37.324 kg 5,400 135 5,535 5,535 NIL
Equivalent
40 kgs 5,787 145 5,932 5,932 NIL
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