The official spot rate was unchanged at Rs 8,800, they added. Prices of seed cotton in Sindh were at Rs 3000-3800, in the Punjab seed cotton prices at Rs 3000-3800 and in Balochistan, rates of seed cotton were at Rs 3200-3800, they said. In the ready session, not a single deal reported till our going to the Press, they said. According to the market sources, both ginners and mills did not take interest in fresh deals due to the release of Pakistan Cotton Ginners Association (PCGA) fortnightly report.
Cotton analyst, Naseem Usman said that leading participants were on the sidelines ahead of the PCGA report, due shortly. Country's cotton production target may not be achieved due to lack of proper measures by the government.
So, the country has to import cotton to meet demand, they said. It is mostly likely that mills may prepare their strategy after the PCGA report, traders expect. Cotton prices were mixed in the international markets, 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 01-01-2019
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37.324 kg 8,800 160 8,960 8,960 NIL
Equivalent
40 kgs 9,431 171 9,602 9,602 NIL
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