Prices higher amid improved activity on cotton market

July 16, 2013

Cotton Market
Cotton Market

An upward trend was witnessed on the cotton market on Monday amid improved trading activity, dealers said. The official spot rate was up by Rs 50 to Rs 6,600, they said. In the ready business, nearly 7,000 bales of cotton changed hands between Rs 6600-6700, dealers said. Prices of seed cotton per 40 kg in Sindh and Punjab were unchanged at Rs 3150-3200, they said.

Cotton analyst, Naseem Usman said that mills were busy in finalising forward buying, which lifted the rate of daily-intake. A modest rise in prices was expected due to tight supply position, he added. In interior Sindh, light rains continued but this is good for cotton production and may help in achieving the target for next season, other analysts said.

Prices are likely to up further in days to come, they added. The following deals reported as 200 bales of cotton from Golarchi at Rs 6650, 800 bales from Tando Adam at Rs 6650, 600 bales from Kotri at Rs 6650-6700, 200 bales from Tando Mohammad Khan at Rs 6650, 1000 bales from Shahdadpur at Rs 6650/6700, 400 bales from Mirpurkhas at Rs 6650-6700, 800 bales from Sanghar at Rs 6650-6700, 400 bales from Kot Ghulam Mohammad at Rs 6675, 200 bales from Matayari at Rs 6700, 100 bales from Garmaraja at Rs 6600, 200 bales from Chichawatni at Rs 6600, 200 bales from Hasilpur at Rs 6600, 800 bales from Khanewal at Rs 6600-6650, 400 bales from Burewala at Rs 6650 and 400 bales from Mongi Bangla at Rs 6650, they added.

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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 13.07.2013
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37.324 Kgs         6,600      155         6,755       6,705             +50
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Equivalent
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40 Kgs             7,073      155         7,228       7,175             +53
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Courtesy Business Recorder

Published in ZaraiMedia.com

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