According to the market sources, some needy buyers were in the ring to make fresh purchasing. In the meantime, the ginners who have only one lac of cotton bales were keen to oblige them, whereas the spinners and mills were also interested to lay hands over the fine quality. Cotton analysts, Naseem Usman said that some leading participants were on the sidelines in expectations of announcement of relief packages in the forthcoming budget.
Adds Reuters: ICE cotton futures rose on Wednesday on a weaker dollar and short covering ahead of the US Department of Agriculture's weekly export sales report on Thursday. The December cotton contract on ICE futures US settled up 0.71 cent, or 0.98 percent, at 73.08 cents per lb. It traded within a range of 72.25 and 73.13 cents a lb.
The July cotton contract settled up 0.4 percent at 77.54 cents per lb. Total futures market volume fell by 283 to 29,598 lots. Data showed total open interest fell 5,255 to 246,477 contracts in the previous session. The following deals reported: 1000 bales of cotton from Sadiqabad sold at Rs 6900 and 400 bales from Noorpur Noranga at Rs 6970, 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 24-05-2017
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37.324 kg 6,750 135 6,885 6,885 NIL
Equivalent
40 kgs 7,234 145 7,379 7,379 NIL
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