Needy mills finalised deals of fine quality on the cotton market on Wednesday to cover their immediate requirements, dealers said. The official spot rate was inert at Rs 5350, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2600 and Rs 3000 and in Punjab rates also depicted no change at Rs 2800 and Rs 3000, they said. In the ready business, over 16,000 bales of cotton changed hands between Rs 4650 and Rs 5550, they said.
Some dealers said that needy mills and spinners finalised deals to cover their immediate needs. Cotton analyst, Naseem Usman said that before Ashura holidays, some buyers tried to buy as much as they can to keep themselves away from difficulties. Reports showed that India will be forced to make large-scale government cotton purchases from farmers for a second straight year, following a cut in imports by top buyer China that has depressed prices.
Reuters adds: ICE cotton futures gained on Tuesday as forecasts of rain in Texas stoked worries over crop damage in the United States, the world's largest exporter, at a key stage of development. The cotton contract for December on ICE Futures US settled up 0.54 cent, a 0.9 percent gain, at 63.78 cents per pound.
The following deals reported: 400 bales of cotton from Mirpurkhas at Rs 4650, 400 bales from Tando Adam at Rs 4950, 1000 bales from Sanghar at Rs 4850, 2000 bales from Khairpur at Rs 5400-5450, 1000 bales from Rohri at Rs 5450-5500, 1000 bales from Salehpat at Rs 5450-5500, 800 bales from Burewala at Rs 5225-5250, 400 bales from Multan at Rs 5300, 800 bales from Hasilpur at Rs 5350-5400, 800 bales from Khanewal at Rs 5350-5500, 200 bales from Vehari at Rs 5400, 400 bales from Jahanian at Rs 5400, 200 bales from Jhang at Rs 5400, 400 bales from Bhakkar at Rs 5450, 400 bales from Chistian at Rs 5450, 400 bales from Fort Abbas at Rs 5500, 500 bales from Alipur at Rs 5500, 400 bales from Mohammadpur Dewan at Rs 5500, 1000 bales from Dera Ghazi Khan at Rs 5500-5600, 1000 bales from Rajanpur at Rs 5500-5600, 800 bales from Layyah at Rs 5500-5600, 1000 bales from Ahmedpur at Rs 5500-5600, 400 bales from Mianwali at Rs 5550 and 600 bales from Fazilpur at Rs 5550, 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 20-10-2015
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37.324 kg 5,350 135 5,485 5,485 NIL
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Equivalent
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40 Kgs 5,734 145 5,879 5,879 NIL
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