Market sources said that restricted buying of small-lot by spinners reported ahead of Bank closing. Prices stabilised following the decision by the Cotton Corporation of India (CCI) to purchase local cotton, they said. Arrivals of quality lint slowed down, so spinners preferred to be on the sidelines, other experts said.
Besides, cotton analyst, Naseem Usman said that textile industry is also looking for quality cotton to meet their demand. The ginners have a sizeable quantity of unsold cotton but major part is not coming up to the psychological levels of buyers due to quality factor. He was of the opinion that present trend may continue in the near future partly because of New Year holidays, as well.
Reuters adds: ICE cotton futures were largely unchanged in holiday-thinned trading on Wednesday, amid a stronger dollar. March cotton contract on ICE Futures US settled up 0.01 cent, or 0.01 percent, at 69.75 cents per lb. It traded within a range of 69.6 and 70 cents a lb. The following deals reported: 400 bales from Dharki at Rs 6500, 400 bales from Ghotki at Rs 6500, 600 bales from Dharanwala at Rs 6275, 400 bales from Lodhran at Rs 6350, 400 bales from Tonsa Sharif at Rs 6350, 400 bales from Kabirwala at Rs 6500 and 600 bales from Rahim Yar Khan at Rs 6500, dealers 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 1-1/32"
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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 28-12-2016
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37.324 kg 6,250 135 6,385 6,335 + 50
Equivalent
40 kgs 6,698 145 6,843 6,790 + 53
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