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. Cotton analyst, Naseem Usman said that demand from spinners and mills helped the volume of business to pick up. Other experts said that shortage of lint kept buyers away from normal business. They also said that recent heavy rains in the country halted supply of seed cotton. Adds Reuters: ICE cotton futures hit one-month highs on Thursday after a positive weekly exports sales report from the U.S. government suggested higher demand for the natural fiber, with prices further supported by a sagging dollar.
The December cotton contract on ICE Futures settled up 0.87 cent, or 1.28 percent at 68.98 cents per lb. It traded within a range of 68.10 and 69.25 cents a lb, its highest since June 21. Total futures market volume rose by 5,796 to 17,048 lots. Data showed total open interest gained 488 to 216,590 contracts in the previous session. The following deals reported: 600 bales of cotton from Tando Adam sold at Rs 6300-6350, 200 bales from Hyderabad at Rs 6300, 400 bales from Mirpurkhas at the same rates and 800 bales from Shahdadpur at Rs 6350, 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 20.07.2017
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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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