Fresh buying interest by mills and spinners helped the rates to hold present levels on the cotton market on Wednesday in the process of trading, dealers said. The official spot rate was unchanged at Rs 5,200, dealers said. In Sindh, seed cotton prices were unchanged at Rs 2200 and Rs 3000 and in the Punjab, rates held the overnight levels at Rs 2200 and Rs 3100, they said.
In the ready business, over 10,000 bales of cotton finalised between Rs 4675 and Rs 5600, they said. Market sources said that slight improvement was seen in the daily-intake as the mills and spinners covered short-run before year-end sessions. Cotton analyst, Naseem Usman said that despite the fact that the textile industry is operating below capacity due to liquidity and high cost of doing business, some needy buyers indulged in new purchasing to meet an urgent needs.
Reuters adds: Cotton futures dipped on Tuesday after hitting 2-1/2 week highs the prior session, as the move upward attracted selling, keeping the market in a tight trading range between around 62 and 65 cents a lb, where it has spent much of the past month. March cotton on ICE Futures US settled down 0.1 cent, or 0.16 percent, at 63.87 cents per lb. It traded within a range of 63.82 and 64.25 cents a lb. Certificated cotton stocks deliverable as of December 28 totalled 64,201 480-lb bales, down from 64,723 in the previous session.
The following deals reported: 400 bales from Khanewal (Low Quality) at Rs 4675, 1600 bales from Shadan Lund at Rs 4900, 400 bales from Vehari at Rs 4900, 200 bales from Tonsa Sharif at Rs 5125, 600 bales from Dera Ghazi Khan at Rs 5125, 400 bales from Fort Abbas at Rs 5300, 400 bales from Yazman Mandi at Rs 5300, 200 bales from Mian Chano at Rs 5400, 500 bales from Rajanpur at Rs 5400, 400 bales from Mianwali at Rs 5400-5525, 600 bales from Noorpur at Rs 5600 and 3000 bales from Sadiqabad at Rs 5600, 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 29.12.2015
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37.324 kg 5,200 135 5,335 5,335 NIL
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Equivalent
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40 kgs 5,573 145 5,718 5,718 NIL
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