Official spot rate dropped on the cotton market on Wednesday in the process of modest trading, dealer said. Official spot rate was down by Rs 50 to Rs 5400, they said. In the ready session, nearly 4000 bales of cotton finalised between Rs 4100-5675, they said. According to market sources, modest trading activity was witnessed as spinners kept looking for quality lint, commenting on the arrival of next crop, they said fresh rains in Punjab and in some parts are good for the standing crop.
Cotton analyst, Naseem Usman said shortage of lint cotton and unwillingness on part of ginners to enter into the fresh deals on lower rates kept proceeding partly dull. Some brokers said that transactions were welcomed by the ginners, which were match with their psychological levels. In the meantime, some ginners preferred to sell small lot to gain present profit, they said.
Reuters adds; NY cotton futures were lower amid uncertainties over impact of rains on Texas crop. Following deals finalised; 400 bales of cotton from Khipro at Rs 4100, 100 bales from Dharki at Rs 5200, 700 bales from Sanghar (conditional) at Rs 5300, 1500 bales from Hasilpur at the same rate and 100 bales from Jahanian at Rs 5675, 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 1-1/32"
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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 02.06.2015
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37.324 Kgs 5,400 150 5,550 5,600 -50
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Equivalent
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40 Kgs 5,787 160 6,947 6,001 -54
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