Improved activity was seen on the cotton market on Thursday despite rise in the prices, dealers said. The official spot was increased by Rs 50 to Rs 4125 due to higher lint demand by the mills and exporters, they said. The prices of phutti were at Rs 1800-1900 in Sindh, in the Punjab, the rates were at Rs 1800-1950, they said.
Market sources said that the prices were modestly up due to hectic activity by the mills and exporters and it is likely that the present trend in the rates may continue in the near future. On the other hand, the ginners were also trying to capture the opportunity in anticipation fresh arrival of phuitt, they said.
On Wednesday the NY cotton futures rose ending at a two-week high as gains accelerated when the path of Tropical Storm Gustav was projected to collide with the Gulf Coast, brokers said. Early in the session cotton rose with other commodities as the dollar fell, then added to gains as traders worried the storm could deluge key growing areas.
Key December cotton futures closed 1.17 cents stronger at 70.63 cents a lb. The December contract extended up to a two-week high at 71.18 from a higher low at 69.51 cents a lb. After hours, December cotton remained 1.14 cent, or 1.64 percent higher, at 70.60 cents. By 3:00 pm (1912 GMT), the December contract volume came to a healthy 11,347 lots.
THE FOLLOWING DEALS WERE REPORTED: 3000 bales fo cotton from Shahdadpur sold at Rs 4125-4175, 3000 bales from Tando Adam at Rs 4125-4175, 2000 bales from Sanghar at Rs 4125-4150, 1000 bales from Mirpurkhas at Rs 4100-4125, 600 bales from Jhole at Rs 4125-4150, 800 bales from Hala at Rs 4150, 600 bales from Khipro at Rs 4125, 400 bales from Hyderabad at Rs 4125, 400 bales from Shahpur Chaker at Rs 4150, 200 bales from Nawabshah at Rs 4125, 200 bales from Khanpur at Rs 4075, 1000 bales from Burewala at Rs 4075-4125, 1000 bales from Chichawatni at Rs 4100-4125, 600 bales from Kabirwala at Rs 4125, 800 bales from Bhawalnagar at Rs 4100, 1000 bales from Pakpattan at Rs 4090-4100, 1000 bales from Mian Channu at Rs 4100-4125, 600 bales from Arifwala at Rs 4100, 200 bales from Muridwala at Rs 4100, 200 bales from Gojra at Rs 4100 and 200 bales from Mungi Bunglow at Rs 4050, dealers 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 4,125.00 50 4,225.00
Equivalent-------------------------------------------------
40 Kgs 4,421.00 50 4,521.00
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