Steady trend was witnessed on the cotton market on Friday in process of modest trading activity, dealers said. The official spot rate was unchanged at Rs 8400, they added. In ready session, around 4000 bales of cotton changed hands between Rs 8400-8650, they said. Rates of seed-cotton per 40kg from Lower Sindh gained Rs 200 to Rs 3400-3600, they said. Phutti arrivals started from Punjab, nearly 200 bales finalised at Rs 3400-3600, they said.
Binola per maund prices also gained modestly Rs 1450-1500, they said. Polyester fibre rates were at Rs 192, they said. Approximately, 2000 bales of cotton (new crop) from lower Sindh changed hands between Rs 7950-8100, they said. According to the market sources mills and spinners showed their some improved buying interest. It is most likely that the government may provide some incentives to cotton growers in days to come, they said.
Cotton analyst, Naseem Usman said trading activity may pick up if the government provides relief packaged to the cotton traders. Reuters adds: ICE cotton futures were down for the first time in four sessions on Thursday in thin volume trading as traders awaited the planting acreage report and the outcome of Washington and Beijing's trade meet at the G20 summit. The most-active cotton contract on ICE Futures US, the third-month December contract, fell 0.25 cent, or 0.38%, at 66.14 cents per lb.
Total futures market volume fell by 8,261 to 12,235 lots. Data showed total open interest gained 592 to 176,283 contracts in the previous session. The following deals were reported: 3000 bales of cotton from Rahim Yar Khan at Rs 8600-8650, 700 bales of cotton from Uch Sharif at Rs 8400, 3000 bales of cotton from Lower Sindh finalised at Rs 7950-8100 and 200 bales from Punjab at Rs 8100 (new crop), 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 27-06-2019
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37.324 kg 8,400 160 8,560 8,560 Nil
Equivalent
40 kgs 9,002 171 9,173 9,173 Nil
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