Some cotton experts said that visible increase in arrivals of seed cotton pushed the prices down. They said that mills and spinners showed little interest in fresh buying, this factor may cause fall in rates in the coming days. On Tuesday, a shutdown strike was observed on the call of All Pakistan Textile Mills Association (APTMA) to protest against the government's policies.
Reuters adds: ICE cotton futures dropped to more than seven month lows on Tuesday as chances of bulk new crop harvest in major growing regions and a stronger dollar kept buyers at bay. The most-active December cotton contract on ICE futures US settled down 0.07 cent, or 0.10 percent, at 68.97 cents per lb. Prices fell to their lowest since November 14 at 68.51 cents per lb and are down for the eighth straight session. Total futures market volume fell by 4,966 to 22,099 lots. Data showed total open interest fell 6,704 to 208,350 contracts in the previous session.
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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 20-06-2017
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37.324 kg 6,650 135 6,785 6,785 NIL
Equivalent
40 kgs 7,127 145 7,272 7,272 NIL
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