Prices maintained firm trend on the cotton market on Friday in the process of subdued business activity, dealers said. The official spot rate was unchanged at Rs 7,500, they added. In the ready session, 200 bales of cotton from Khaniwal done at Rs 6000, they said. In Sindh, seed cotton prices were available at Rs 3900-4000.
According to the market source, late sowing and shortage of irrigation water may hurt size of cotton production in the coming days. Many growers and farmers were looking satisfied over the prediction of spell of pre-monsoon. They also said that power crisis is also creating difficulties for the textile sector. As a result, many ginners slowed down operation at ginning factories, they said. Reuters adds: ICE cotton futures rose 2.5 percent on Thursday to hit an over six-year high, propelled by fund-buying and amid expectations of an increase in buying from major importer China.
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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 07-06-2018
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37.324 kg 7,500 145 7,645 7,645 NIL
Equivalent
40 kgs 8,038 155 8,193 8,193 NIL
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