RECORDER REPORT
KARACHI: Prices hit fresh high on the cotton market on Monday as the ginners were not interested in new selling in expectations of further rise in the rates, dealers said.
The official spot rate picked up Rs 200 to Rs 7500 in a single day rally, they said. In ready session, over 20,000 bales of cotton changed hands between Rs 5750-8000, they said.
In Sindh and Punjab, cotton prices were at Rs 2900-3600, as per 40 kg, they said.
Market sources said that supply position was tight and the ginners were holding back their unsold stock to earn more profit.
Cotton analyst, Naseem Usman said that the ginners were not showing flexibility toward prices, so it looks that rates may go up in the coming days.
The international markets were closed due to New Year holidays, in India, prices drifted lower on slight improvement in supply position.
The following deals reported: 400 bales of cotton from Ghotki at Rs 8000, 400 bales from Mirpur Mathelo at Rs 8000, 1200 bales from Khanpur Mehar at Rs 8000, 4800 bales from Khanewal at Rs 7600, 8000 bales from Rahim Yar Khan at Rs 8000, 600 bales from Haroonabad at Rs 5750, 600 bales from Ahmedpur East at Rs 7300, 600 bales from Gojra at Rs 7000 and 400 bales from Faqeerwali at Rs 6500, 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 30-12-2017
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37.324 kg 7,500 145 7,645 7,445 + 200/-
Equivalent
40 kgs 8,038 155 8,193 7,978 + 215/-
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