Cotton prices stay in ranges, mills continue buying

Firmness prevailed on the cotton market on Friday as prices did not show any big difference as mills were active to cover the forward buying, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2350, without upcountry expenses.
Uncertainties about the next direction the market would take, propelled the mills to continue cotton buying, some brokers said. In the short-term the prices may maintain firm outlook and ginners are likely to increase the asking prices, they said.
The NY market improved with modest gains as the New York Board of Trade's December cotton contract went up 0.40 cent to end at 49.18 cents per lb, trading from 48.40 to 49.35 cents. March rose 0.45 to 53.27 cents. The rest gained 0.48 to 0.85 cent.
The following deals were reported: 1000 bales of cotton from Mirpurkhas sold at Rs 2350-2375, 1200 bales from Dadu at Rs 2350, 1000 bales from Shahdadpur at Rs 2350-2375, 600 bales from Yazman Mandi at Rs 2400-2425, 800 bales from Mailsi at Rs 2390, 2000 bales from Bahawalpur at Rs 2420-2425, 1000 bales from Uch Sharif at Rs 2415-2425, 400 bales from Taunsa at Rs 2425, 800 bales from Ahmedpur East at Rs 2425, 1400 bales from Hyderabad at Rs 2410, 1000 bales from Lodhran at Rs 2425, 400 bales from Hasilpur at Rs 2415, same figure from Chichawatni at Rs 2400, 1000 bales from Liquatpur at Rs 2425, 400 bales from Saeedabad at the same rate, 1000 bales from Rajanpur at the same rate, 200 bales from Gojra at Rs 2400, 2000 bales from Alipur at Rs 2415-2425, 1000 bales from Dera Gazi Khan at the same rate, same figure from Bahawalpur at Rs 2400, 400 bales from Jahanian at Rs 2415 and same figure from Multan at Rs 2425.

===========================================================

The KCA Official Spot Rate for Local Dealings in Pak Rupees

-----------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"

MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

===========================================================

Rate           Ex-Gin     Upcountry    Spot Rate Ex-Karachi

for            Price                        Sales Tax @ 15%

===========================================================

37.32 Kgs      2350.00         50                   2400.00

Equivalent-------------------------------------------------

40 Kgs         2518.00         50                   2568.00

===========================================================