In the ready session, approximately 900 bales of cotton changed hands between Rs 6200-6400, they said. Market sources said that volume of business could not pickup under the circumstances due to lack of buying interest among participants.
Cotton analyst, Naseem Usman said that local textile industry is facing crisis like situation in the absence of motivating factors. The ginners were not happy with the government's decision to wave of taxes and duties on the import of cotton, other experts said. Chinese markets were closed, in India Shankar lost Rs 300 to Rs 39600 356 kg per Candy, brokers said.
The following deals reported: 700 bales of cotton from Rahim Yar Khan at Rs 6400 and 200 bales from Fazilpur at Rs 6200, 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 17.02.2018
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37.324 kg 6,900 145 7,045 7,145 -100/-
Equivalent
40 kgs 7,395 155 7,550 7,657 -107/-
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