Modest activity on cotton market

 

Cotton Market

September 12, 2012: A slow trading activity was witnessed on the cotton market on Tuesday as mills preferred to keep on the sidelines due to quality factor, dealers said. Official spot rate was unchanged at Rs 5650, they said. Prices of seedcotton in Sindh and the Punjab were at Rs 2000-2400, they added.

Cotton analyst Naseem Usman said that ginners are trying to sell, but they are not able to get the real price due to quality factor. It is expected that rates may move up marginally due to non-availability of best quality. If rains continue some more days, this factor may damage the cotton, other brokers said. Currently, we cannot estimate losses to the crop, it will take some time, Naseem Usman said.

According to a report, China’s cotton imports in August rose 48 percent on the year to 305,600 tonnes, a report on an industry website showed on Tuesday. Total imports in the first eight months of the year were 3.77 million tonnes, up 123 percent from the same period last year, according to the report on www.cncotton.com, a website operated by the China National Cotton Reserves Corp.

The following deals reported: 1000 bales of cotton from Burewala 5625/5700, 400 balse of cotton from Vehari 5650/5750, 200 balse of cotton from Haroonabad 5650, 300 balse of cotton from Chaniot 5700, 200 balse of cotton from Renala Khurd 5700, 100 balse of cotton from Khanewal 5710, 400 balse of cotton from Arif Wala 5750, dealers said.

 

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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
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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-Karachion 10.09.2012
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37.324 Kgs       5,650      130       5,805       5,805                 NIL
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Equivalent
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40 Kgs           6,055      130       6,210       6,210                 NIL
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Courtesy: BR

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