Steady trend was witnessed on the cotton market on Tuesday as phutti (seed-cotton) prices picked up modestly, and partly because of higher trend in the NY cotton futures, relevant sources said.
The official spot rate of grade 3 cotton was unchanged at Rs 2,250, without upcountry expenses.
In ready, prices ranged between Rs 2225 and Rs 2300.
According to market sources, phutti prices went up by nearly Rs 25 on increased demand.
In the meantime growers were not inclined to wait and continued selling as prices were fairly better than their psychological level.
The cotton market also firmed following NY cotton futures track, they said.
However, despite the firm trend in the market, mills covered their scheduled buying on anticipation of further rise in the prices, dealers said.
Phutti arrivals at the ginneries were on the upside as picking operation resumed in some areas of Sindh and Punjab.
According to United States of Department of Agriculture (USDA) report, world cotton production would record 14 percent increase on reaching 107.25 million bales against last year's 94.33 million bales.
Following deals were reported: 400 bales from Tando Adam at Rs 2250; 400 bales from Mirpurkhas at Rs 2225; and 1200 bales from Shahdadpur at Rs 2300.
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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"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 2250.00 50 2300.00
Equivalent-------------------------------------------------
40 Kgs 2411.00 50 2461.00
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