Home »Cotton and Textiles » Pakistan » Phutti prices fall on cotton market

Phutti prices fell on the cotton market on Wednesday in the process of slow trading activity, dealers said. The official spot rate was unchanged at Rs 6650, they said. In the ready session, few hundreds of bales of new crop from Shahdadpur, Hyderabad and Kotri changed hands between Rs 6400 and Rs 6500, they said. In Sindh, seed cotton prices were available at Rs 3200-3250 per 40 kg and in the Punjab rates were at Rs 3100-3200 per 40 kg, they said.

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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Copyright Business Recorder, 2017


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