Further increase was seen in prices despite the official warning to keep the yarn rate and cotton at the realistic level, dealers said on the cotton market on Thursday. The official spot rate maintained at the overnight rate at Rs 3725, brokers said. In the ready business prices were firm as nearly 30,000 bales of cotton changed hands between Rs 3650-3825.
Phutti prices were also steady in Sindh and the Punjab at Rs 1800-1900, they added. Some brokers said that mills and exporters participated in the business to cover the forward purchase despite the higher prices. It is most likely that the prices may fluctuate slightly due to strong demand by the mills, they said.
Commenting on the discussion of the representatives of the textile sector with the federal textile minister, Farooq Rana, cotton analysts said that problems relating to the industry came under discussion. Minister said that measures will be taken to increase the production and quality improvement to achieve the target and compete in the global market as well.
On Wednesday the NY cotton futures closed easier in line with the rest of the commodity sectors but investor short-covering pared losses going into the close of business, brokers said. The December cotton contract fell 0.17 cent to end at 66.88 cents per lb, dealing from 66.13 to 67.25 cents. It was an inside day since that range held within Tuesday's 66.10 to 67.55 band. December contract volume reached 9,275 lots at 2:39 pm EDT (1839 GMT). March cotton eased 0.03 cent to settle at 69.73 cents, trading between 69 and 69.92 cents.
The following deals were reported: 2000 bales of cotton from Shahdadpur sold at Rs 3700-3725, 3600 bales from Tando Adam at Rs 3700-3725, 1000 bales from Sultanabad at Rs 3650, 1000 bales from Pithoro at Rs 3650, 1000 bales from Nawabshahd at Rs 3700, 1200 bales from Sanghar at Rs 3700, 1600 bales from Khair Pur at Rs 3725-3750, 1200 bales from upper Sindh at Rs 3800, 800 bales from Sadiqabad at Rs 3800, 1200 bales from Rahim Yar Khan at Rs 3800, 3000 bales from Rajanpur at Rs 3800-3825, 600 bales from Muhammad Pur Divan at Rs 3800, 1000 bales from Taunsa Sharif at Rs 3800, 1200 bales from Fazal Pur at Rs 3800, 1000 bales from Dera Gazi Khan at Rs 3775-3800, 400 bales from Layyah at Rs 3800, 1000 bales from Chichawatni t Rs 3750-3800, 800 bales from Ali Pur at Rs 3775, 1200 bales from Haroonabad at Rs 3775, 600 bales from Duniya Pur at Rs 3725-3750, 1400 bales from Khanewal at Rs 3775, 1500 bales from Ahmed Pur at Rs 3775, 800 bales from Vehari at Rs 3700-3725, 200 bales from Abdul Hakeem at Rs 3740, 600 bales from Hasil Pur at Rs 3740 and 400 bales from Bahawal Nagar at Rs 3750.
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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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37.324 Kgs 3,725.00 100 3,825.00
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Equivalent
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40 Kgs 3,992.00 100 4,092.00
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