Mills and spinners continued purchasing of fine variety on the cotton market on Thursday, which did not allow prices to move down, dealers said. The official spot price was unchanged at Rs 6,100. Seed cotton prices in Sindh were at Rs 2,200-2,800, while in the Punjab rates were at Rs 2,300-3,000, they said. In the ready business, some 13,000 bales of cotton changed hands between Rs 5,800-6,300, they said.
Leading brokers said that diminishing stock of fine type propelled the buyers to keep forward buying and this factor was helping the rates to hold the present levels. Cotton Analyst Naseem Usman, who was on trip of cotton belt in the country, said that prices were likely to show firmness as the country was going to achieve less cotton target during the session. So, the ginners were trying to hoard fine or unsold cotton stock just to improve their earnings, it said.
According to the Reuters, the US Cotton futures were slightly lower on Wednesday. The following deals were reported: 400 bales from Shahdadpur at Rs 6,000, 2,000 bales from Khair Pur at Rs 6,200-6,300, 4,400 bales of cotton from Upper Sindh sold at Rs 6,350, 1,200 bales of cotton from Arif Wala at Rs 5,800-5,900, 500 bales from Gaggo Mandi at Rs 5,900. 2,000 bales of cotton from Murid Wala at Rs 5,900-6,000, 350 bales from Jhang at Rs 5,825, 1,400 from Rahim Yar Khan at Rs 5,950-6,050, 400 bales from Burewala at Rs 6,000 and same figure from Qaboola at the same price, 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 06.02.2013
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37.324 Kgs 6,100 155 6,255 6,255 NIL
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Equivalent
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40 Kgs 6,537 155 6,692 6,692 NIL
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