Mills continue buying of quality cotton

Mills and spinners continued buying of quality lint on the cotton market on Saturday, dealers said. The official spot rate was firm at Rs 5950, dealers said. In Sindh, seed cotton prices were at Rs 2200-3150, they said, in Punjab, phutti rates stayed put at Rs 3000 and Rs 3300, as per 40 kg, they added,
In ready business, over 37,000 bales of cotton changed hands between Rs 4400-6250, they said. According to the market sources, prices held the firm levels due to strong demand. Cotton analyst, Naseem Usman said that local prices may depict easier trend after one percent slide in the NY cotton futures. Sharing the same views, other experts said that the falling trend in the international markets may influence the local prices. In the meantime, they said that quality cotton will be available in abundance in the near future.
Adds Reuters: Cotton futures settled down over one percent, pressured by a stronger dollar, after touching an over seven-week high earlier in the session attributed to buying amid December options expiry on Friday. The following deals reported: 2500 bales from Mirpurkhas at Rs 4400, 400 bales from Khipro at Rs 5500, 1000 bales from Tando Adam at Rs 5500, 400 bales from Shahdadpur at the same rate, 2000 bales from Khairpur at Rs 6000, 2400 bales from Salehpat at Rs 6000-6100, 2600 bales from Rohri at the same rate, 5000 bales from Mianwali at Rs 5925-6000, 400 bales from Toba Tak Singh at Rs 6050, 200 bales from Mian Chano, 400 bales from Burewala, same figure from Kassowal all done at the same rate, 200 bales from Muzzfar Garh at Rs 6125, 400 bales from Duniapur at the same rate, 2200 bales from Rajanpur at Rs 6150, 400 bales from Chistian at Rs 6175, 800 bales from Dharanwala at the same price, 1200 bales from Khanewal at Rs 6175-6190, 1400 bales from Alipur at Rs 6175-6200, 800 bales from Lodhran at Rs 6200, 400 bales from Multan, 400 bales from Tonsa Sharif, 600 bales from Shujabad, 800 bales from Liaquatpur, 600 bales from Jalalpur, 800 bales from Dera Gazi Khan, 2200 bales from Ahmedpur and 800 bales from Rahim Yar Khan all finalised at the same rate, 3000 bales from Haroonabad at Rs 6200/6225, 600 bales from Fort Abbas at Rs 6225 and 400 bales from Chowk Madarsa at Rs 6250, 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 11-11-2016

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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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