Comfortable availability of quality lint helped rates to hold firm on the cotton market on Thursday in the process of trading, dealers said. The official spot rate was firm at Rs 5950, dealers said. In Sindh, seed cotton prices were at Rs 3000-3150, they said, in Punjab, phutti rates stayed put at Rs 2900 and Rs 3300, as per 40 kg, they added,
In ready business, over 30,000 bales of cotton changed hands between Rs 5500 and Rs 6225, they said. According to the market sources, better supply of quality lint coupled with fears of hurdle in import of cotton from India boosted prices in the local market.
This factor propelled mills and spinners to replenish their stock to fulfil requirements, cotton analyst, Naseem Usman said and adding that prices may not fluctuate sharply in the near future.
Adds Reuters: ICE cotton futures were down over one percent on Wednesday after the US Department of Agriculture raised its projections for production and inventories by the end of the 2016/17 crop year. The March cotton contract on ICE Futures was down 1.1 percent 68.59 cents per lb by 12:41 pm EST after briefly touching a session high of 69.83 cents after the release of the USDA's World Agricultural Supply and Demand Estimates (WASDE) report.
The following deals reported: 200 bales from Sanghar at Rs 5500, 600 bales from Nawabshah at Rs 5700/5800, 2200 bales from Khairpur at Rs 5950/5975, 1000 bales from Rohri at Rs 6050, 1000 bales from Salehpat at Rs 6050, 400 bales from Khanpur Mehar at Rs 6200, 800 bales from Mirpur Mathilo at Rs 6200, 2000 bales from Dharki at Rs 6200/6225, 1400 bales from Ghotki at Rs 6200, 800 bales from Mianwali at Rs 5900/5950, 1200 bales from Mongi Bangla at Rs 6000, 800 bales from Layyah at Rs 6100/6125, 1000 bales from Khanewal at Rs 6100/6150, 600 bales from Chichawatni at Rs 6125, 600 bales from Dera Ghazi Khan at Rs 6150, 800 bales from Chistian at Rs 6150, 1000 bales from Haroonabad at Rs 6150, 600 bales from Dharanwala at Rs 6150, 600 bales from Hasilpur at Rs 6150, 200 bales from Maroot at Rs 6150, 800 bales from Faqirwali at Rs 6150/6175, 800 bales from Fort Abbas at Rs 6150/6175, 800 bales from Rajanpur at Rs 6150/6175, 2400 bales from Bahawalpur at Rs 6150/6175, 2400 bales from Yazman Mandi at Rs 6150/6175, 1200 bales from Ahmedpur at Rs 6150/6200, 2600 bales from Rahim Yar Khan at Rs 6200, 1000 bales from Liaquatpur at Rs 6200 and 1000 bales from Sadiqabad at Rs 6200, 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 09-11-2016
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37.324 kg 5,950 135 6,085 6,085 NIL
Equivalent
40 kgs 6,377 145 6,522 6,522 NIL
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