Prices of seed cotton showed further gains after fresh rains in cotton belt, dealers said on the cotton market on Friday. The official spot rate recovered Rs 50 to Rs 4,500, dealers said. Seed cotton prices in Sindh were at Rs 2300 and Rs 2450 and in Punjab rates at Rs 2200 and Rs 2400, they said. In the ready business, over 8,000 bales of cotton changed hands between Rs 4550 and Rs 4600, they said.
Some brokers said that fresh rains in Punjab caused slight rise in the prices. Other brokers said that many Hindu growers were absent due to religious festival. Cotton analyst, Naseem Usman said that prices of Phutti could gain further strength owing to the short supply against the rising demand. Growers and ginners were some reluctant in fresh selling because of hopes of better profit in the near future, he said.
Reuters adds: ICE cotton futures rebounded on Thursday after hitting a two-week low in the prior session, bouncing back from three consecutive sessions of losses on support from sharp rallies in equities and other commodity markets. December cotton on ICE Futures US settled up by 0.84 cent on Thursday, a 1.3 percent gain, to 63.35 cents per pound. It traded within a range of 62.40 and 63.42 cents a pound.
The following deals reported: 200 bales of cotton from Shahpur Chakar at Rs 4575, 800 bales from Sanghar at Rs 4575-4600, 600 bales from Shahdadpur, 800 bales from Tando Adam all done at the same rate, 400 bales from Mirpurkhas at Rs 4600, same number from Bahawalpur at Rs 4550, 800 bales from Haroonabad at Rs 4550-4600, 400 bales from Vehari at Rs 4560-4575, 200 bales from Chinot at Rs 4575, 400 bales from Mongi Bangla, same figure from Gojra finished at the same rate, 600 bales from Khanewal at Rs 4575-4600, 1000 bales from Chichawatni done at the same rate, 400 bales from Sumandri at Rs 4600 and same number from Mian Chano at the same price, dealers 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 27.08.2015
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37.324 Kgs 4,500 135 4,635 4,585 + 50
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Equivalent
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40 Kgs 4,823 145 4,968 4,914 + 54
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