Thin trading was witnessed on the cotton market on Saturday as a tug of war over prices started between the ginners and mills, dealers said. The official spot rate was unchanged at Rs 4,850, dealers said. In the ready session, over 9,000 bales of cotton changed hands between Rs 4700 and Rs 5100, they said.
The seed cotton rate of low type in Sindh at Rs 1800 and better quality picked up Rs 50 to Rs 2350, in the Punjab price of inferior variety also retained overnight level at Rs 2000 while the best quality was higher by Rs 50 to Rs 2550, they said. According to some experts, rates of fine type picking up with the passage of time as most of the leading buyers were trying grab at their psychological levels.
Cotton analyst, Naseem Usman said that All Pakistan Textile Mills Association (Aptma), on the one hand demanding 15 percent duty on import of Indian cotton yarn to save local stuff. On the other hand, the value-added sector of textile industry is opposing any kind of duty on the import or export, he added.
Reuters adds: ICE cotton fell Friday on a stronger dollar and weaker grain prices after climbing to a more than five-week high in early trading, but posted its strongest weekly gain in nearly five months because of short-covering and strong export sales. The most active March cotton contract on ICE Futures US fell 0.20 cent, or 0.3 percent, to settle at 61.59 cents a lb after rising to 61.98 cents in morning trading, its highest since December 31.
The following deals reported: 200 bales from Faqirwali at Rs 4700, 800 bales from Haroonabad at Rs 4700-4850, 400 bales from Hasilpur at Rs 4850, same figure from Lodhran, same number from Tonsa Sharif at the same rate, 200 bales from Kichiwal at Rs 4900, 600 bales from Jalalpur at Rs 4950, 400 bales from Gaggo Mandi (Condition) at the same rate, 400 bales from Mianwali at Rs 5000, 800 bales from Fazilpur at Rs 5000-5050, 1000 bales from Ahmedpur at the same rate, 2500 bales from Bahawalpur at Rs 5100, 1000 bales from Sadiqabad at the same rate, 2000 bales from Rahim Yar Khan and 400 bales from Mohammadpur Dewan all done at the same rate , they added.
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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 1-1/32"
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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 06.02.2015
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37.324 Kgs 4,850 150 5,000 5,000 NIL
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Equivalent
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40 Kgs 5,198 160 5,358 5,358 NIL
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