Seed cotton prices maintained an upward march on the cotton market on Wednesday in the process improved trading activity, dealers said. The official spot rate was unchanged at Rs 6650, dealers said. In Sindh, seed cotton prices were at Rs 3200-3550, they said. In Punjab, phutti rates recovered more Rs 50 to Rs 3300 and Rs 3800, as per 40 kg, they added. In the ready session, over 10,000 bales of cotton changed hands between Rs 6500 and Rs 7000, they said.
Market sources said that renewed buying by mills and spinners helped in improving the volume of business. Generally, tone is firm as rates are remained firm owing to strong demand against the short demand, they said. Cotton analyst, Naseem Usman, said that some sellers were not interested in selling their stock due to higher rates. In the meantime, the buyers laying hands over the fine quality lint due to short supply position, he added. Other experts observed that local buyers were importing cotton from India to meet demand, but under the circumstances, they were not able to purchase Indian cotton due to some avoidable reasons.
Adds Reuters: ICE cotton futures gained more than 1 percent on Tuesday to settle higher for the fourth time in the past five sessions, supported by buying pressure ahead of the March contract fixation expiry. The March cotton contract on ICE Futures US rose 1.08 percent, the biggest one-day percentage gain since January 23, to 74.94 cents per lb.
The following deals reported: 1200 bales from Salehpat at Rs 6500, 440 bales from Rohri at Rs 6775, 514 bales from Chichawatni at Rs 6500, 2000 bales from Haroonabad at Rs 6650/6850, 800 bales from Fort Abbas at Rs 6750/6775, 1200 bales from Yazman Mandi at Rs 6850/7000, 400 bales from Shujabad at Rs 6900, 2000 bales from Rahim Yar Khan at Rs 7000 and 961 bales from Mian Channo at Rs 7000, 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 1-1/16"
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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 Expenses Ex-Karachi Ex. KHI, As Ex-Karachi
on 31-01-2017 in Rupees
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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