Mills' buying improved on the cotton market on Wednesday as prices did not fluctuate sharply in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 7,000, they added. In Sindh, seed cotton prices showed no change at Rs 2500-3200 while in the Punjab, rates were at Rs 2400-3100, they said. In the ready session, around 9000 bales of cotton changed hands between Rs 6550-7000, they said.
Market sources said that a number of mills did buying to replenish their stocks. Cotton analyst, Naseem Usman said that it was surprising to note that in Indian, prices of cotton instead of rising, came down amid moderate trading activity. The ginners, who have big stocks, are trying to sell as prices match with their psychological levels, experts noted.
Adds Reuters: The New York cotton futures continued decline on Tuesday. The following deals were reported: 5100 bales of cotton from Dharki sold at Rs 7000, 400 bales from Khanpur at the same rate, 200 bales from Alipur at Rs 6600 and 2400 bales from Khanewal 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 13.02.2018
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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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