An easier trend was seen on the cotton market on Saturday in the process of cautious trading, dealers said. The official spot rate gave up overnight gains, shedding Rs 50 to Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added. In the ready session, over 13,000 bales of cotton changed hands between Rs 4800-6400, they said.
Some brokers said that most of the leading mills and spinners were on the sidelines due to prevailing confusions over the import of Indian cotton. Cotton analyst, Naseem Usman said that report of high production against the low consumptions is also a factor behind falling trend in the market.
Reuters adds: ICE cotton futures settled down nearly 1 percent on Friday, marking a one-week low, after the US Department of Agriculture raised its projections for production and inventories by the end of the 2016/17 crop year, amid a stronger dollar.
March cotton contract on ICE Futures US settled down 0.62 cent, or 0.87 percent, at 70.8 cents per lb. It traded within a range of 70.3, the lowest since December 2, and 71.81 cents a lb.
The following deals reported: 2000 bales from Mirpurkhas sold at Rs 4800-5500, 1200 bales from Shahdadpur at Rs 5500-5565, same figure from Rohri at Rs 6300-6350, 1600 bales from Salehpat at the same rate, 800 bales from Ghotki at Rs 6475, same figure from Dharki at the same rate, 600 bales from Mianwali at Rs 6000, 400 bales from Chichawatni at Rs 6200, 500 bales from Dharanwala at Rs 6300, 1000 bales from Rajanpur at Rs 6300, 800 bales from Fort Abbas at Rs 6375-6400, same figure from Maroot at Rs 6400 and same number from Rahimyar Khan at the same price, 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 08-12-2016
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37.324 kg 6,250 135 6,385 6,435 -50
Equivalent
40 kgs 6,698 145 6,843 6,897 -54
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