A limited buying by mills and spinners seen on the cotton market on Monday despite tight supply of quality lint, dealers said. The official spot rate gave up week-end gains, losing Rs 50 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 2600 bales of cotton changed hands between Rs 5300 and Rs 5500, they said. Market sources said that mills and spinners most of the time kept on the sidelines due to lack of motivating factors.
They said that according to a fortnightly report of Pakistan Cotton Ginners Association (PCGA) issued today said that seed cotton (Phutti) equivalent to 9.475 million or 9,475,729 bales have reached ginneries across Pakistan till January 15, 2016 registering a shortfall of 33.51 percent compared to corresponding period of last year. Cotton analyst, Naseem Usman said that the size of orders from international buyers in the home textile, could not come up, it may take some time.
The following deals finalised: 400 bales from Haroonabad at Rs 5300, 200 bales from Fort Abbas at Rs 5350, 400 bales from Faqirwali at Rs 5350, 600 bales from Shujabad at Rs 5350, 400 bales from Yazman Mandi at Rs 5475 and 600 bales from Mianwali at Rs 5500, 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 16-01-2016
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37.324 kg 5,400 135 5,535 5,585 -50
Equivalent
40 kgs 5,787 145 5,932 5,986 -54
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