Prices of seed cotton improved slightly on the cotton market on Monday in the process of modest trade activity, dealers said. The official spot rate continued to slide, dropping further Rs 100 to Rs 6100, they said. In the ready session, over 3000 bales of cotton changed hands between Rs 6100-6150, they said. In Sindh, seed cotton prices picked up Rs 100 to Rs 3050-3100 per 40 kg, they said.
Market sources said that as arrivals of seed cotton improved, prices dropped and it appeared that rates may show further weakness if buyers take no interest in fresh purchasing. Reports are coming up that the millers have already purchased better quality cotton from other countries at the reasonable prices, they said. They also said that it's an open secret that cost of doing business in the country is high and profitable return becomes a challenge for the traders.
According to the China's cotton industry website cncotton.com said on Monday that China sells 18,400 tonnes of cotton at auction from state reserves, at an average price of 14,765 yuan ($2,173.88) per tonne. Sale represents 62.03 percent of entire 29,600 tonnes of cotton available at the auction.
The following deals reported: 1200 bales of cotton from Shahdadpur at Rs 6100-6150, 800 bales from Tando Adam and 800 bales from Sanghar done at the same rates, they 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 Ex-Karachi Ex. KHI. As Ex-Karachi
on 01.07.2017
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37.324 kg 6,100 135 6,235 6,335 - 100/-
Equivalent
40 kgs 6,537 145 6,682 6,790 - 108/-
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