Prices tended higher on the cotton market on Wednesday just after the release of the Pakistan Cotton Ginners Association (PCGA) report, depicting an increase of 11 percent against the last year, dealers said. The official spot rate after maintaining a stable trend for a long time, managed to gain Rs 75 to Rs 6450, dealers said.
In Sindh, seed cotton prices were at Rs 3000-3300, they said. In Punjab, phutti rates stayed put at Rs 3200 and Rs 3550, as per 40 kg, they added. In the ready session, around 5,000 bales of cotton changed hands between Rs 6600 and Rs 6800, they said.
According to market sources, the PCGA released its fortnightly report of cotton production at 10.535 million bales, depicting a rise of 11.19 percent against the last year. Cotton analyst, Naseem Usman observed that as a result of persistent firmness, cotton yarn prices went up slightly and it looks that rates may maintain upward march in the coming days. He informed that the National Tariff Commission (NTC) has imposed an anti-dumping duty on import of Fine cotton yarn from India.
Reuters adds: ICE cotton futures edged lower on Tuesday to hit a near two-week low as traders treaded cautiously following the bearish supply-and-demand report released by the US Department of Agriculture on Thursday.
The March cotton contract on ICE Futures US hit a session low of 71.81 cents per lb., the lowest since January 4.
The following deals reported: 200 bales from Alipur at Rs 6600, 1000 bales from Lodhran at Rs 6650-6750, 400 bales from Jahanian at Rs 6700, 1000 bales from Rahim Yar Khan at Rs 6600-6700, 1200 bales from Khanpur at Rs 6700 and 1000 bales from Jalalpur at Rs 6500-6800, 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 17-01-2017
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37.324 kg 6,450 135 6,585 6,510 + 75/-
Equivalent
40 kgs 6,912 145 7,057 6,977 + 80/-
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