Official spot rates gained modestly on the cotton market on Wednesday in the process of trading activity, dealers said. The official spot rate was higher by Rs 50 to Rs 8850, they added. In the ready session, over 4000 bales of cotton changed hands between Rs 6800-9100, they said.
Market sources said that buyers showed interest in fresh buying of best quality but the ginners were not ready to oblige them as prices were not matching with their psychological levels.
Cotton analyst, Naseem Usman said that short supply of fine quality is causing increase in rates. He said that new cotton arrivals are expected by the end of June and it most likely that country may achieve desired cotton production due to expected favourable weather.
Adds Reuters: ICE cotton futures extended losses on Tuesday as the United States and China appeared far from reaching a truce on their trade dispute.
The most-active cotton contract on ICE Futures US July dipped 0.38 cent, or 0.52%, to 73.17 cents per lb
Total futures market volume fell by 18,788 to 29,118 lots. Data showed total open interest gained 1,808 to 221,696 contracts in the previous session.
The following deals reported: 800 bales from Ghotki at Rs 9100, 1090 bales from Dherki at Rs 8900, 200 bales from Haroonbadad at Rs 9000, 200 bales from Rahim Yar Khan at Rs 6800, 2200 bales from Sadiqabad at Rs 8900 and 400 bales from Ahmedpur East at Rs 8800, 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"
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 07-05-2019
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37.324 kg 8,850 160 9,010 8,960 + 50/-
Equivalent
40 kgs 9,485 171 9,656 9,602 + 54/-
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