In line with the international track, prices moved up on the cotton market on Saturday in the process of trading activity, dealers said. The official spot rate was unchanged at Rs 6250, dealers said. In Sindh, seed cotton prices were at Rs 2600-3250, they said that in Punjab, phutti rates were at Rs 2800 and Rs 3500, as per 40 kg, they added.

In the ready session, over 14,000 bales of cotton changed hands between Rs 6150-6600, they said. Market sources said that steady flow of buying from spinners helped the rates to look ahead. Some other leading analysts said that the ginners who have little stock of fine cotton, were reluctant in fresh selling in anticipation of getting better profit in the coming days. Cotton analyst, Naseem Usman said that Indian government has asked the Cotton Corporation of India (CCI) to buy cotton, this move has stabilised rates and it looks that prices may not fluctuate in the near future.

Reuters adds: ICE cotton futures edged higher on Friday, helped by robust weekly US export sales data amid a weaker dollar, and ended 2016 by marking their best year since 2013. Benchmark cotton prices have surged nearly 12 percent in 2016, their best performance since 2013. March cotton contract on ICE Futures US settled up 0.15 cent, or 0.21 percent, at 70.65 cents per lb. It traded within a range of 70.43 and 71.96 cents a lb, the highest since December 14.

The following deals reported: 1000 bales from Khairpur at Rs 6300-6315, 600 bales form Rohri at Rs 6325, 1000 bales from Dharki at Rs 6500, 200 bales from Burewala at Rs 6150, 600 bales from Chistian at Rs 6350, 100 bales from Noorpur at Rs 6450, 400 baels from Yazman Mandi at Rs 6450, 2000 bales from Sadiqabad at Rs 6500, 4400 bales from Rahimyar Khan at Rs 6500-6600 and 3600 bales from Bahawalpur at Rs 6600, 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 30-12-2016

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37.324 kg          6,250      135        6,385         6,385            NIL

Equivalent

40 kgs             6,698      145        6,843         6,843            NIL

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