No change was seen in the present outlook on the cotton market on Tuesday, dealers said. The official spot rate was firm at Rs 5950, dealers said. In Sindh, seed cotton prices moved up slightly at Rs 2200-3100, they said, in Punjab, phutti rates were at Rs 2900 and Rs 3225, as per 40 kg, they added, In ready business, around 27,000 bales changed hands between Rs 4300-6200, they said.
Market sources said that the buyers who were on the sidelines due to many reasons, came back to replenish their stock. Commenting on the steadier trend in the rates, cotton analyst, Naseem Usman said that reason behind the slight fluctuations in the prices is mills and spinners constant buying of fine quality amid interruption in import of cotton from India.
Other experts said that Pak exports dropped by 13 percent, as total exports dipped to $15.6 billion in the first nine months of the outgoing fiscal year from $17.9 billion a year ago, a drop of $2.3 billion. He said that higher cost of production in the absence of proper supply of gas and electricity and in competitiveness also hurt our exports.
Adds Reuters: Cotton futures dipped slightly on Monday on index fund selling and a stronger dollar.
The following deals reported: 600 bales of cotton from Mirpurkhas at Rs 4300, 3000 bales from Khairpur at Rs 5975/5985, 2600 bales from Rohri at Rs 5950/6000, 2400 bales from Salehpat at Rs 5950/6000, 1000 bales from Mirpur Mathilo at Rs 6175/6200, 3000 bales from Mianwali at Rs 5900/5950, 400 bales from Pir Mehal at Rs 6000, 1000 bales from Layyah at Rs 6050/6100, 600 bales from Haroonabad at Rs 6100/6150, 1000 bales from Hasilpur at Rs 6100/6175, 200 bales from Ghazighat at Rs 6150, 200 bales from Dharanwala at Rs 6150, 200 bales from Chistian at Rs 6150, 3000 bales from Sadiqabad at Rs 6150/6200, 400 bales from Faqirwali at Rs 6175, 600 bales from Fort Abbas at Rs 6175/6200, 4000 bales from Rahim Yar Khan at Rs 6175/6200, 1000 bales from Bahawalpur at Rs 6175/6200, 400 bales from Yazman Mandi at Rs 6200, 400 bales from Liaquatpur at Rs 6200, 400 bales from Khanpur at Rs 6200, 200 bales from Chanighot at Rs 6200 and 400 bales from Ahmedpur at Rs 6200, 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 07-11-2016
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37.324 kg 5,950 135 6,085 6,085 NIL
Equivalent
40 kgs 6,377 145 6,522 6,522 NIL
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