Cotton rates gained momentum on the local market on Thursday as size of quality lint diminishing, this factor propelled buyers to indulge in short-covering to meet their immediate needs, dealers said. The official spot rate appreciated by Rs 100 to Rs 6,600, they said. In the ready session, over 23,000 bales of cotton changed hands between Rs 6400-7000, they said. In Sindh, seed cotton prices were unchanged at Rs 2800-3300, in the Punjab, rates were at Rs 2800-3450, as per 40 kg, they said.
According to the market sources, upward trend in the cotton prices, helping the seed cotton to hold present trend. They also said that confusions are rising about the size of crop with the passage of time. Cotton analyst, Naseem Usman said that cotton production is not against the expectations, the main concern among the buyers is shortage of lint cotton in the coming days. To ease the shortage problem, it is expected that the government may take measures in the near future, other analysts said.
Adds Reuters: ICE cotton futures climbed to their highest in over two months on Wednesday ahead of the first notice day, supported by gains in oil and other commodities markets. Cotton contracts for March settled up 1 cent, or 1.43 percent, at 71.14 cents per lb. It had earlier touched 71.76 cents a lb, its highest since September 11. Total futures market volume fell by 9,318 to 43,151 lots. Data showed total open interest fell 3,648 to 224,240 contracts in the previous session.
The following deals were reported to have changed hands on the ready counter: 1000 bales of cotton from Ghotki at Rs 7000, 2400 bales from Dherki at Rs 7000, 600 bales from Panno Aqil at Rs 7000, 400 bales from Khanpur Mehar at Rs 7000, 400 bales from Mirpur Mathero at Rs 7000, 2400 bales from Rohri at Rs 6500/6700, 2600 bales from Saleh Pat at Rs 6600/6750, 3000 bales from Khairpur at Rs 6500, 400 bales from Moro at Rs 6400, 600 bales from Fazilpur at Rs 7000, 800 bales from Khanewal at Rs 7000, 2400 bales from Mian Channu at Rs 6800/7000, 200 bales from M. P. Dewan at Rs 7000, 1200 bales from Rajanpur at Rs 7000, 2200 bales from Sadiqabad at Rs 6900/7000, 1000 bales from Jalalpur at Rs 6950, 1000 bales from Shadan Lund at Rs 6750/6800, 1200 bales from Tonsa Sharif at Rs 6750/6800, 200 bales from Lodhran at Rs 6750, 800 bales from Marrot at Rs 6600 and 400 bales from Shorkot at Rs 6550, they 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 1-1/16"
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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 21.11.2017
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37.324 kg 6,600 145 6,745 6,645 +100/-
Equivalent
40 kgs 7,073 155 7,228 7,121 +107/-
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