According to the market sources, the mills were on the sidelines as the ginners have oversold the stocks. Cotton analyst Naseem Usman said sowing is in good process in Sindh, but sometime, growers facing shortage of irrigation water.
They also attributed the decline in rates to falling global prices, which have started to impact the domestic market.
Adds Reuters: ICE cotton futures settled higher on Wednesday after slipping to a one-month low earlier in the session amid concerns over a trade dispute between the biggest exporter United States and top consumer China.
The most active cotton contract on ICE Futures US, the third-month December contract, settled up 0.36 cent, or 0.4 percent, at 84.18 cents per lb. The contract traded within a range of 82.94, the lowest since May 21, and 85.65 cents a lb.
A deal of 400 bales of cotton from Ahmedpur East done at Rs 7250, 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 20-06-2018
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37.324 kg 7,500 145 7,645 7,745 - 100/-
Equivalent
40 kgs 8,038 155 8,193 8,300 - 107/-
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