More rains in some parts of country, helped cotton prices halt sharp losses amid good trading, dealers said on the cotton market on Thursday. The Karachi Cotton Association (KCA) official spot rate was inert at Rs 6,450, they said. In the ready business nearly 11000 bales of cotton changed hands between Rs 6350-6800, they said.
Seed cotton prices in Sindh were Rs 2800-2900 and in Punjab prices went down to Rs 3000-3200, they said. Some brokers said that mills were still busy in buying of cotton after fresh rains in Punjab and also some parts of Sindh. Phutti arrivals are good but strong mill buying did not allow the prices to go down sharply, they added.
They said that when phutti arrivals accelerated, prices showed soft trend but now fresh rain may lift the prices from the present level. In the meantime, the ginners who have old stock are trying to sell cotton at the higher rates, short crop news is to keep prices at a certain level and so ginners are availing opportunity, they said.
On Wednesday the US cotton futures ended moderately lower, losing ground along with most other commodities, as commercial interests sold the highs after the latest round of weak US economic data, analysts said. ICE Futures US benchmark December cotton contract finished 0.36 cent lower at 84.86 cents per lb. The contract traded in a range running from 84.63 to 85.60,its highest level reached during the session since August. 1. Volume traded in the December contract reached 7,550 lots by 3:42 pm EDT (1942 GMT).
The following deals were reported: 1600 bales of cotton from Tando Adam sold at Rs 6400-6450, 2000 bales from Shahdad Pur sold at Rs 6350/6450,200 bales from Kazi Ahmed at Rs 6400, 400 bales from Nawabshah at Rs 6400, 200 bales from Sakrand at Rs 6400, 800 bales from Mir Pur Khas at Rs 6350-6375, 200 bales from Khipro at Rs 6350, 800 bales from Sanghar at Rs 6350-6375, 200 bales from Hyderabad at Rs 6350, 200 bales from Kotri at Rs 6350, 1600 bales from Burewala at Rs 6700-6800, 1000 bales from Chichawatni at Rs 6800, 400 bales from Ghazi Abad at Rs 6800, 400 bales from Mongi Banglow at Rs 6725-6800, l200 bales from Muridwala at Rs 6700, 200 bales from Mamon Kanjan at Rs 6700.
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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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 25.08.2010
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37.324 Kgs 6,450 120 6,570 6,570 NIL
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Equivalent
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40 Kgs 6,912 120 7,032 7,032 NIL
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