Softness prevailed in the cotton market on Monday amid fresh arrivals of phutti as the rains almost stopped in the cotton growing areas, dealers said.
In the meantime, possible entry of the Trading Corporation of Pakistan (TCP) propelled spinners to continue buying and also helped prices to limit erosion, sources said.
The official spot rate remained unchanged at Rs 2125 for 2005-06, without upcountry expenses.
Phutti prices dipped slightly in Sindh at Rs 890-925 and in Punjab it was trading at Rs 990-1010. Cotton prices followed suit and quoted at Rs 2125-2175 in Sindh and in Punjab cotton was at Rs 2175-2200, they said.
According to the market sources, possible entry of the TCP helping the cotton prices from sharp losses. In the meantime some mills showed a little bit reluctance in making new purchases due to fresh arrivals.
On the other hand, ginners showed no hesitation in cotton selling on market perception that prices might decline in the coming days, they said.
FOLLOWING DEALS WERE REPORTED: some 1400 bales of cotton from Mirpurkhas sold at Rs 2160, 1000 bales from Tando Adam at Rs 2175-2185, 1600 bales from Shahdadpur at Rs 2190-2200, 700 bales from Bandhi at Rs 2200, 200 bales from Sarari at Rs 2190, same figure from same Station at Rs 2175, 200 bales from Gojra at Rs 2225, 400 bale from Bahawalpur at Rs 2225 and 600 bales from Gajjo at Rs 2225.
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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"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 2125.00 50 2175.00
Equivalent-------------------------------------------------
40 Kgs 2277.00 50 2327.00
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