In the ready session, 4000 bales of cotton changed hands between Rs 7400-8800, they said.
Market sources said that after receiving positive response in the recent Heimtextil fair, which concluded in Frankfurt on Thursday, leading buyers indulged in modest buying of cotton yarn.
Cotton analyst, Naseem Usman said that traders eagerly waiting for positive outcome of China-US trade negotiations, this factor will help in reviving the business activity the world over. Besides, he observed that India, who is facing shortage of cotton production during the current, trying to make strategies to improve quality and output. Monsanto's victory this week in a patent case in India regarding genetically modified (GM) cotton seeds has raised hopes among farmers that the company will now launch its next-generation seeds.
India approved Monsanto's GM cotton seed trait in 2002 and an upgraded variety in 2006, helping transform the country into the world's top producer and second-largest exporter of the fibre. But newer traits have not been available since the company withdrew an application in 2016 seeking approval for the latest variety due to a royalty dispute with the government and worries over patent claims.
They also said that cotton prices were mixed in international markets.
The following deals reported: 1000 bales of cotton from Khanpur Mehar at Rs 8750, 400 bales from Rahim Yar Khan at Rs 8850, 500 bales from Khanewal at Rs 7400/8300, 400 bales from Chistian at Rs 8000, 800 bales from Haroonabad at Rs 7800/8800, 400 bales from hasilpur at Rs 8000, 200 bales from Tonsa at Rs 7400, 200 bales from Kabirwala at Rs 6700, 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 10-01-2019
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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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