RECORDER REPORT

KARACHI: Prices stabilised on the cotton market on Friday in the process of slow trading activity, dealers said.

The official spot rate was unmoved at Rs 7,300, they added. In ready session, around 5,000 bales of cotton changed hands between Rs 6500-7400, they said.

In Sindh seed cotton prices after a short span of time, again reacted negatively as rates in Sindh were inert at Rs 2600-Rs 3250, and in the Punjab, rates also same at Rs 2600-3200, they said.

Cotton Analyst, Naseem Usman said that some needy buyers indulged in fresh buying of cotton to cover their immediate requirements.

According to reports, cotton sowing has been banned in Punjab before April. Besides, measures taken by the concerned authorities to stabilise prices of cotton in the near future, they said.

In China and Indian cotton prices stabled owing to some factors, they said.

The New York cotton futures maintained rising trend on Thursday, after losing 8 cents per lb during the last week, they added.

The following deals reported: 1800 bales of cotton from Rohri at Rs 6850, 1000 bales from Kot Sabzal at Rs 7400, 800 bales from DG Khan at Rs 7200/7400, 600 bales from Rahim Yar Khan at Rs 7000 and 400 bales from Fazilpur 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 01-02-2018


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37.324 kg       7,300         145          7,445       7,445            NIL


Equivalent


40 kgs          7,823         155          7,978       7,978            NIL


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