Leading mills and spinners were on the sidelines on the cotton market on Monday as the ginners did not show any interest in fresh deals in expectations of better profit, dealers said.
The official spot rate maintained overnight level at Rs9000, they added. In ready session, about 2600 bales of cotton changed hands between Rs8450-9100, they said.
Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best was at Rs4200, in the Punjab prices of low quality were at Rs3000 while the fine at Rs4600, they said. In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and polyester fibre was available at Rs181 per kg, they said.
Market sources said that fresh rains in Punjab propelled both buyers and sellers to keep on the sidelines, besides, transporters' strike also affected the normal business activities in the cotton arena.
Cotton analyst, Naseem Usman observed that many are hoping for a number of Pak exporters likely to win orders in the Heimtextil fair, in Germany. Furthermore, he said that many traders were also expecting positive outcome of pact between US and China. Reports showing that China's Vice Premier Liu will visit Washington over Jan 13-15 to sign a trade agreement.
The following deals reported: 1600 bales of cotton from Yazman Mandi at Rs8450, 600 bales from Sadiqabad at Rs9100 and 400 bales from Rahim Yar Khan at Rs9100, 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 11-01-2020
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37.324 kg 9,000 160 9,160 9,160 NIL
Equivalent
40 kgs 9,645 171 9,816 9,816 NIL
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