Spot rate up by Rs 25 at Rs 3100 on cotton market

The official spot rate was modestly up on the cotton market on Wednesday as supply was tight amid strong demand by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was up by Rs 25 to Rs 3100, they said.
In ready business prices were almost same as trading was seen between Rs 3125-3200, some traders said. Phutti prices held their firmness in Punjab at Rs 1500-1600 and at 1500-1550 in Sindh, dealers said. Daily mills intake improved as ginners showed some flexibility by lowering the rates of inferior types in anticipation of slide in the prices in the coming days, they said.
The spinners were also not in a hurry to make purchase at the higher rates as they have already imported fine type of cotton and preparing for more cotton buying from the foreign countries, they said. The NY cotton futures moved up as the ICE Futures open-outcry March cotton contract gained 0.05 cent to close at 63.50 cents per lb, trading between 63.45 and 64.40 cents.
May added 0.01 to 65.11 cents. One contract aside, the rest went up 0.01 to 0.20 cent. The ICE March electronic cotton contract shed 0.04 cent to 63.41 cents at 2:51 pm EST (1951 GMT), dealing from 63.30 to 64.42 cents.
According to the Reuters, Mike Stevens, an analyst for brokers SFS Futures in Mandeville, Louisiana, said if March closes above 64 cents in the days ahead, a potential near-term bottom at 63 cents would likely be in place.
The following deals were reported: 1000 bales from Dadu sold at Rs 3125, 400 bales from Shahdadpur at Rs 3100, 200 bales from Mian Channu at Rs 3175, 400 bales from Burewala at Rs 3175, 1200 bales from Lodhran at Rs 3170-3185, 1000 bales from Khanewal at Rs 3175-3200, 200 bales from Chanigoth at Rs 3160, 400 bales from Sadiqabad at Rs 3190, 400 bales from Muridwala at Rs 3165, 2000 bales from Liaquatpur at Rs 3200, 4000 bales from Rajanpur at Rs 3200, 1000 bales from Rahimyar Khan at Rs 3200, 400 bales from Ahmedpur at Rs 3200, 1000 bales from Shadan Lund at Rs 3200, 1000 bales from Layyah at Rs 3200, 1600 bales from Jalalpur at Rs 3200, 400 bales from Shujabad at Rs 3200, 1000 bales from Alipur at Rs 3200, 200 bales from Bhakkhar at Rs 3200, 200 bales from Chichawatni at Rs 3150, 400 bales from Garmahraja at Rs 3200, and 400 bales from Jatoi at Rs 3175, they 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"

 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      3100.00        50                    3150.00

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

40 Kgs         3322.00        50                    3372.00

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