Panic buying continues on cotton market

Prices remained firm on the cotton market on Thursday as spinners made panic buying of fine types despite the higher prices, brokers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2,525, without upcountry expenses.
The Phutti prices did not show any big change, holding the overnight levels in both the Punjab and Sindh almost same at Rs 1325-1350, they said.
According to the market sources, mills were active to finalise the deals of better quality of cotton on the higher rates, it seems the mills were trying to snatch allthe offers by the ginners.
Hovering fears about the size of cotton and quality propelled the mills to keep buying, they said.
The Reuters adds: the New York Board of Trade's March cotton contract closed off 0.05 cent at 53.34 cents per lb after trading 53.05 to 53.39 cents. May fell 0.15 to 54.55 cents and, one contract aside, the rest lost 0.15 to 0.45 cent.
The following deals were reported: 400 bales of cotton from Mirpurkhas at Rs 2440, 400 bales from Khipro at Rs 2440, 400 bales from New Saeedabad at Rs 2400, 400 at Rs 2450, 1000 bales from Sanghar at Rs 2415/2510, 3000 bales from Lodhran at Rs 2600, 2000 bales from Bahawalpur at Rs 2600, 1000 bales from Ahmedpur East at Rs 2600, 1400 aaaaaaaaat Rs 2600, 1000 bales from Yazman Mandi at Rs 2600, 2000 bales from Rahimyar at Rs 2600, 2000 at Rs 2600, 1000 bales from Khanpur at Rs 2600, 4000 bales from Dera Gazi Khan at Rs 2575, 400 bales from Kabirwala at Rs 2560, 800 bales from Chichawatni at Rs 2550, 400 bales from Hyderabad at Rs 2590, and 1000 bales from Rajanpur at Rs 2600.

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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      2525.00         50                   2575.00

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

40 Kgs         2706.00         50                   2756.00

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