Prices of cotton stabilised on the local market on Monday in the process of modest trading dealers said. The official spot rate was unchanged at Rs 8,700, they added. Prices of seed cotton in Sindh were at Rs 3000-4000, in the Punjab seed cotton prices were at Rs 3200-4000 and in Balochistan, rates of seed cotton were at Rs 3500-4100, they said.
In the ready session, about 11,000 bales of cotton changed hands between Rs 8300-9000, they said. Market sources said that mills showed little interest in fresh buying of lint cotton despite higher rates. They also said it looks that business activity may improve in the coming days.
According to reports, the Pakistan Cotton Ginners' Association (PCGA) issued it's cotton arrivals fortnightly figure till 30th November at 9.3 million bales.
Commenting on the fresh rise in the rupee versus the dollar, marketmen said that local currency improved on easy flows of dollars.
It is also expected that the rupee is likely to continue recovery in terms of the dollar, they said. According to reports China and the US agreed to a ceasefire in their trade war that has shaken global markets. This factor may help in supply of dollars, they said adding that volume of business will also increase on the cotton market in time to come, they added.
Cotton analyst, Naseem Usman said that upward trend was seen on the international market.
The following deals reported: 600 bales of cotton from Nawabshah at Rs 8400, 1800 bales from Rohri at Rs 8650/8700, 400 bales from Dherki at Rs 9000, 600 bales from Ghotki at Rs 8700/9000, 2000 bales from Saleh Pat at Rs 8600/8700, 2600 bales from Khairpur Mirus at Rs 8450/8650, 1600 bales from Sadiqabad at Rs 9000, 400 bales from Darahwala at Rs 8300 and 1000 bales from Bahawal Nagar at Rs 8300, 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 01-12-2018
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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