Prices touched an all-time high level on the cotton market on Thursday as ginners and growers raised the asking prices, dealers said. In line with the ready business track, the official spot rate was higher by Rs 50 to Rs 4300, brokers said. In the ready business, business came down as approximately 17,000 bales of cotton changed hands between Rs 4275-4500, they said.
Phutti prices in Sindh and Punjab were same at Rs 2100-2300, they added. Some brokers said that upward trend in the international market and strong demand in the local market pushed the rates sharply up and it seems that the rates may reach the new high at Rs 5000 in the coming days. Good demand by the overseas market encouraged the ginners to raise the prices, brokers said and adding that despite the better production this year, the country has to import cotton.
The Pakistan Cotton Ginners Association (PCGA) issued the fortnightly phutti arrival report till November 30, the is that nearly 10.4 million bales have reached into the ginneries, they said. On Wednesday, the US cotton futures rebounded from the previous session's losses in speculative range-bound trading, with prices shifting back and forth.
The benchmark March cotton contract rose 0.9 cent to finish at 73.57 cents per lb, moving from 73.06 to 74.07 cents. March contract volume reached 4,820 lots by 3:41 pm EST (2041 GMT), just about half of the 8,416 lots traded on Tuesday. Cotton bucked a weak trend in crude oil and other agricultural markets.
The following deals reported as some 1200 bales from Shahdadpur sold at Rs 4275 -4300, 1000 bales from Nawabshah at Rs 4275-4300, 600 bales from Tandoadam at Rs 4300, 800 bales from Mirpurkhas at Rs 4275, 2000 bales from Upper Sindh at Rs 4500, 2000 bales from Chichawatni at Rs 4400 - 4500, 1000 bales from Burewala at Rs 4400, 600 bales from Gojra at Rs 4400, 1000 bales from Ghazi Ghat at Rs 4450, 1000 bales from Rajanpur at Rs 4425-4450, 600 bales from Bahawal Nagar at Rs 4300, 2000 bales from Ahmedpur East at Rs 4400, 1200 bales from Bahawal Pur at Rs 4350-4400, 400 bales from Murid wala at Rs 4400, 800 bales from Vehari at Rs 4300-4350, 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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37.324 Kgs 4,300.00 100 4,400.00
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Equivalent
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40 Kgs 4,608.00 100 4,708.00
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