Mills and spinners indulged in fresh buying of lint cotton to cover their immediate requirements in the process of tight supply, dealers said on Saturday. The official spot rate was unchanged at Rs 7000, they said. In ready session, around 20,000 bales of cotton changed hands between Rs 6300-7500, they said. In Sindh and Punjab, seed cotton prices were at Rs 2800-3500, as per 40 kg, they said.
Market sources said that buyers were hoping that government may remove taxes on import of cotton. Cotton analyst, Naseem Usman said that best quality of cotton is not available which helping rates to sustain present levels. In the international market, rates keeping an upward trend due to strong demand, other experts said and adding that the factor is solid and likely to boost prices in the coming days.
Adds Reuters: ICE cotton futures settled lower on Friday, but benchmark prices held close to seven-month highs as sustained speculative demand helped the March contract rise for a ninth straight week. Cotton contracts for March settled down 0.07 cent, or 0.09 percent, at 77.87 cents per lb after matching Thursday's all-time high for the contract at 78.07 cents earlier in the session. The March contract rose 2.6 percent for the week. On, Thursday, the contract jumped 3 percent as benchmark prices hit a seven-month high.
The following deals reported: 3000 bales of cotton from Ghotki at Rs 7500, 1200 bales from M. P. Mathelo at Rs 7500, 1200 bales from K. P. Meher at Rs 7500, 800 bales from Nawabshah at Rs 6800/6950, 400 bales from Rohri at Rs 6900, 200 bales from Qazi Ahmed at Rs 6800, 400 bales from Khadro at Rs 6325, 3400 bales from Rahim Yar Khan at Rs 7500, 600 bales from D. G. Khan at Rs 7500, 2400 bales from Yazman Mandi at Rs 6500/7500, 400 bales from Alipur at Rs 7400, 200 bales from Hasilpur at Rs 7350, 200 bales from Basti Malook at Rs 7200, 200 bales from Tonsa Sharif at Rs 6800, 1600 bales from Faqeerwali at Rs 6475/6650, 2200 bales from Haroonabad at Rs 6300/6650, 200 bales from Layyah at Rs 6500, 1600 bales from Mianwali at Rs 6400 and 200 bales from Chichawatni at Rs 6385, 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 22.12.2017
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37.324 kg 7,000 145 7,145 7,145 NIL
Equivalent
40 kgs 7,502 155 7,657 7,657 NIL
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