Official spot rate was higher amid further improved phutti arrivals, dealers said on the cotton market on Tuesday. The official spot rate was raised by Rs 25 to Rs 5675, they said. In the ready business over 16,000 bales of cotton changed hands between Rs 5600-5750, they said. The prices of seedcotton in Sindh and Punjab were firm at Rs 2575-2625, they added.
Market sources said that steady trend persisted as mills continued forward buying after rising speculations about the severe drought in the region including Pakistan. Monsoon rains are delayed despite several Met department's predictions for rains, they said. It is expected that the prices may not fluctuate sharply because the ginners are not likely to lower the asking prices following the fear of drought, they said.
According to the Reuters, the NY cotton futures rose for a second day on Monday, hitting two-and-a-half month highs, on mounting concerns about possible export restrictions out of India, the world's second-largest producer. The benchmark December cotton contract on ICE Futures US jumped 2.4 percent to settle at 75.72 cents per lb. That was just 0.07 cent shy of its intraday high and its highest level since May 21, according to Thomson Reuters data.
The following deals were reported: 1800 bales of cotton from Shahdad Pur sold at Rs 5725-5750, 2000 bales of cotton from Sanghar at Rs 5725-5750, 1600 bales from Tando Adam at Rs 5725-5750, 2000 bales of cotton from Mir Pur Khas at Rs 5725/5750, 800 bales of cotton from Hyderabad at Rs 5725/5750, 600 bales of cotton from Kotri at Rs 5725/5750, 400 bales of cotton from Lodhran at Rs 5600-5700, 600 bales of cotton from Vehari at Rs 5650, 200 bales of cotton from Shah Jeevna at Rs 5650, 200 bales of cotton from Gojra at Rs 5650, 200 bales of cotton from Mongi Bangla at Rs 5650, 400 bales of cotton from Pri Mahal at Rs 5650/5700, 200 bales of cotton from Bakhar at Rs 5650, 400 bales of cotton from Kassowal at Rs 5650, 200 bales of cotton from Depal Pur at Rs 5675, 600 bales of cotton from Chichawatni at Rs 5675/5700, 600 bales from Khanewal at Rs 5675/5750, 400 bales of cotton from Sahiwal at Rs 5700, 200 bales of cotton from Kot Addu at Rs 5700, 400 bales of cotton from Garh Mahraja at Rs 5700, 200 bales of cotton from Mian Channo at Rs 5700, 200 bales of cotton from Qaboola at Rs 5700, 200 bales of cotton from Liaquat Pur at Rs 5700, 200 bales of cotton from Sadiqabad at Rs 5700, 200 bales of cotton from Arif Wala at Rs 5750and 200 bales of cotton from Rahim Yar Khan at Rs 5750.
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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 06 08.2012
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37.324 Kgs 5,675 130 5,830 5,805 +25
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Equivalent
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40 Kgs 6,082 130 6,237 6,210 +27
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