A kind of speculative buying was again witnessed on the cotton market on Thursday as mills and spinners were very active to cover their short-term needs, dealers said. Official spot rate, after maintaining a stable trend for many days, went up by Rs 50 to Rs 5,700, they said. In the ready business, about, 20,000 bales of cotton changed hands between Rs 5500-5800, they said.
Rates of seeds cotton in both the Punjab and Sindh were inert at Rs 2500-2700, they said. The mills and spinners were looking interested in buying of both inferior and superior varieties in the absence of guiding factor, cotton analyst, Naseem Usman said. Other expert said that it is before time to say any thing about the actual figure of phutti arrivals, we have to wait for the Pakistan Cotton Ginners Association (PCGA) report and an important meeting of assessment committee will meet this week to estimate the cotton production figure till now.
Naseem said that ginners cannot hold the phutti for a long time, on the other hand, the mills also have to keep their vehicle run, resulting trading activity improved and it is likely that mills may continue buying in the coming days. According to the market sources, on Wednesday, the US cotton futures trading on ICE Futures extended the previous session's losses and closed lower, as rising certified stocks provided pressure.
The most-actively traded December cotton contract on ICE Futures US settled down 0.85 cent, or 1.2 percent, at 70.07 cents per lb. The market moved lower as ICE certified cotton stocks rose. Earlier this month, some had worried about a possible supply squeeze, and the market jumped to 80 cents a lb, its loftiest level since mid-June.
The following deals reported: 800 bales of cotton from Shahdad pur at Rs 5550-5600, 600 bales from Tando Adam at Rs 5550-5600, 600 bales from Mir Pur Khas at Rs 5500-5550, 1000 bales from Khair Pur at Rs 5800, 1000 bales from Upper Sindh at Rs 5800, 1000 bales from Hasil Pur at Rs 5600-5700, 200 bales from Sillan Wali at Rs 5600, 200 bales from Garh Mahraja at Rs 5600, 200 bales from Ahmed Pur at Rs 5650, 200 bales from Vehari at Rs 5650, 200 bales from Shah Jevna at Rs 5650, 1000 bales from Daran Wala at Rs 5650-5700, 200 bales from Kasso Wal at Rs 5650, 200 bales from Mian Chano at Rs 5650, 200 bales from Khanewal at Rs 5650, 1000 bales from Bahawal Pur at Rs 5650-5700, 400 bales from Gaggo Mandi at Rs 5675, 1000 bales from Yazman Manadi at Rs 5700, 2400 bales from Fort Abbas at Rs 5700/5775, 400 bales from Bahawal Nagar at Rs 5700, 200 bales from Dunia Pur at Rs 5700, 400 bales from Bakhar at Rs 5700, 1000 bales from Burewala at Rs 5750, 800 bales from Mian Wali at Rs 5750-5800, 400 bales from Chistian at Rs 5750, 600 bales from Faqir Wali at Rs 5750, 400 bales from Haroonabad at Rs 5750, 1800 bales from Rahim Yar khan at Rs 5800, 400 bales from Fazil Pur at Rs 5800, 400 bales from Rajan Pur at Rs 5800, 600 bales from Khan Pur at 5800 and 800 bales from Sadiqabad at Rs 5800, 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 31.10.2012
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37.324 Kgs 5,700 155 5,855 5,805 +50
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Equivalent
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40 Kgs 6,109 155 6,264 6,210 +54
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