In the ready session, over 2000 bales of cotton changed hand between Rs 8000-8800, they said.
Some brokers said that a little number of buyers showed interest in purchasing of cotton. They said that most of the participants were hoping for better of Heimtextil fair, started in Frankfurt.
Furthermore, Cotton analyst, Naseem Usman said that leading mills were on the sidelines on expectations of positive results from US-China trade talks. Reports showing that to improve cotton production and quality; the government is taking several steps. The Economic Coordination Committee (ECC) has sought revenue and trade impact of withdrawal of customs duty, additional customs duty and sales tax on imported cotton; it is most likely that cotton traders will take maximum benefits from the government's incentives.
Cotton prices were firm in the global markets, they said.
Following deals reported: some 1000 bales from Khairpur Mirus at Rs 8800, 200 bales from Khairpur Mehar at the same rate, 600 bales from Mianwali at Rs 8300 and 400 bales from Multan at Rs 8000, 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 08-01-2019
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37.324 kg 8,700 160 8,860 8,860 NIL
Equivalent
40 kgs 9,324 171 9,495 9,495 NIL
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