Cotton prices went up on the local market on Tuesday amid fresh rains in the country, which may help in compensating the irrigation water shortage problem, dealers said. The official spot rate was higher by Rs 100 to Rs 7600, they added. In the ready session, approximately, 600 bales of cotton changed hands between Rs 6975-8000, they said.
Fresh rains may help in compensating the shortage of irrigation water in the cotton belt, cotton analyst, Naseem Usman said. It is most likely that cotton production target may be achieved in the next season. Other analysts said that some days ago, the growers were worried about the cotton sowing due to non-availability of irrigation water, they were facing difficulties as the government has failed in improving the situation.
Thanks God, because timely rains come to rescue, they said. In the international market, prices moved both ways, dealers said. The following deals were reported: 400 bales of cotton from Rahim Yar Khan at Rs 8000 and 200 bales from Ahmedpur East at Rs 6975, 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 07-05-2018
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37.324 kg 7,600 145 7,745 7,645 + 100/-
Equivalent
40 kgs 8,145 155 8,300 8,193 + 107/-
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