Rates firm on the cotton market on Monday ahead of Economic Co-ordination Committee (ECC) meeting and Pakistan Cotton Ginners Association (PCGA) fortnightly report this week, dealers said. The official spot rate was unchanged at Rs 5,400, they said.
Prices of seedcotton in Sindh were at Rs 1700-2300 and in the Punjab at Rs 2000-2700, they said. In ready dealings over 12,000 bales of cotton changed hands at Rs 4,500-5,500, they addsd. According the market sources prices held the weekend levels and daily in-takes were down as the ginners held back unsold stock on expectations of better returns in the coming days, they added.
Cotton traders were hoping cotton rates to improve from the current levels because they expect something in their favour may emerge in the ECC meeting this week, they added. The following deals were reported: 200 bales of cotton from Kazi Ahmed sold at Rs 4500, 1000 bales of cotton from Khair Pur at Rs 5000, 2000 bales of cotton from Upper Sindh at Rs 5200/5250, 2000 bales of cotton from Haroonabad at Rs 5000, 1000 bales of cotton from Faqirwali at Rs 5000, 1000 bales of cotton from Khanewal at Rs 5150/5200, 600 bales of cotton from Liaquat Pur at Rs 5400, 400 bales of cotton from Chani Ghot at Rs 5400, 1000 bales of cotton from Jalal Pur at Rs 5400/5500, 1000 bales of cotton from Khan Pur at Rs 5450/5500, 800 bales of cotton from Rahim Yar Khan at Rs 5450/5500, 1000 bales of cotton from Sadiqabad at Rs 5500, 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"
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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 31.12.2011
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37.324 Kgs 5,400 130 5,530 5,530 NIL
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Equivalent
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40 Kgs 5,787 130 5,917 5,917 NIL
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