Home »Cotton and Textiles » Pakistan » Lean business seen on slow arrivals

Not much activity was seen on the cotton market on Thursday owing to slow arrivals after rains in the country, dealers said. The official spot rate was unchanged at Rs 6300, they said. In ready business, only 200 bales of cotton from Sanghar sold at Rs 6300, they said. In Sindh, seed cotton rates were at Rs 2700-3100, per 40 kg and in Punjab prices of phutti were at Rs 2800-3200, per 40 kg, they said. According to the market sources, most of the leading buyers were on the sideline due to less buying interest.

Cotton analyst, Naseem Usman said that there was no normal arrival of seed cotton due to continued monsoon rains. Adds Reuters: ICE cotton futures were little changed in thin trading on Wednesday ahead of weekly U.S. export sales data on Thursday amid concerns over dry weather hurting crops in the major cotton-growing state of Texas.

After gaining for three straight sessions, the December cotton contract on ICE Futures settled down 0.11 cent, or 0.16 percent, at 68.11 cents per lb. It traded within a range of 67.73 and 68.47 cents a lb. Total futures market volume fell by 9,001 to 11,140 lots. Data showed total open interest fell 36 to 216,102 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 19.07.2017

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37.324 kg 6,300 135 6,435 6,435 NIL

Equivalent

40 kgs 6,752 145 6,897 6,897 NIL

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Copyright Business Recorder, 2017


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