Prices soared on the cotton market on Monday in the process of trading, dealer said. The official spot rate was higher by Rs 150 to Rs 6300, they said. In Sindh, seed cotton prices were at Rs 2400-3200, they said. In Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added.
In ready business, nearly 32000 bales of cotton changed between Rs 5650 and Rs 6600, they said. Market sources said that there were many leading spinners and mills rushed to book big-lot deals on fears of short supply position in the near future. Another factor behind the price flare-up is rising market anticipations that the government may give some incentives to textile sector, they said. Cotton analyst, Naseem Usman said that dollar's appreciation is also a factor behind renewed buying by spinners.
The following deals reported: 800 bales from Shahdadpur at Rs 5650/5850, 800 bales from New Saeedabad at Rs 5850, 600 bales from Sakrand at Rs 5850, 1000 bales from Jam Sahab at Rs 5850, 1400 bales from Nawabshah at Rs 5850, 400 bales from Kandiyro at Rs 6150, 3000 bales from Khairpur at Rs 6150/6200, 2000 bales from Salehpat at Rs 6200/6250, 2000 bales from Rohri at Rs 6200/6350, 1000 bales from Ghotki at Rs 6600, 600 bales from Vehari at Rs 6150, 1200 bales from Khanewal at Rs 6175/6550, 800 bales from Mianwali at Rs 6200/6525, 3000 bales from Alipur at Rs 6225/6250, 800 bales from Bakhar at Rs 6300, 2000 bales from M.pur Dewan at Rs 6350/6400, 1000 bales from Lodhran at Rs 6400/6500, 1000 bales from Shujabad at Rs 6400/6500, 1000 bales from Sadiqabad at Rs 6400/6500, 1600 bales from Dera Ghazi Khan at Rs 6400/6600, 1000 bales from Yazman Mandi at Rs 6500, 1800 bales from Rahim Yar Khan at Rs 6500 and 1000 bales from Khanpur at Rs 6500, dealer 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 26-11-2016
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37.324 kg 6,300 135 6,435 6,285 + 150
Equivalent
40 kgs 6,752 145 6,897 6,736 + 161
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