Firmer trend was seen on the cotton market on Friday as spot rates moved up modestly amid brisk trading, dealers said. They said that the reports of lower arrivals of cotton compelled the mills not to stay on the sidelines, but indulge in forward buying , they observed.
The official spot rate was higher by Rs 35 to Rs 2385, without upcountry expenses.
Cotton prices in Sindh were at Rs 2250-2400 and Punjab cotton moved up with slight increase at Rs 2425-2450.
Phutti prices in Sindh were unchanged at Rs 1050-1125 and in Punjab at Rs 1100-1140.
Due to the rising trend in the prices, several hundred bales of cotton from Ghani Goth and Khanpur sold Rs 2450, dealers said.
In fact, despite the falling trend in the NY cotton futures, the spinners were busy in fresh purchasing on fears of short supplies, experts said.
The New York Board of Trade's key December cotton contract closed 0.21 cent lower at 50.20 cents a lb. It set a high in activity at 51.25, then dropped to a two-month low at 49.95 cents.
March was down 0.05 cent to settle at 53.55 a lb. Nearly all of the rest closed with 0.18 to 0.05-cent losses.
FOLLOWING DEALS WERE REPORTED: some 400 bales of cotton from Hasilpur sold at Rs 2425, same figure from Khaniwal at the same amount, same number from Ahmedpur at the same rate, 6600 bales from Rahimyar Khan, 2200 bales from Sadiqabad, 800 bales from Alipur, 2000 bales from Chani Goth, 3400 bales from Khanpur done at Rs 2425 and 1000 bales from Faqir Wali at Rs 2400-2425.
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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 2385.00 50 2435.00
Equivalent-------------------------------------------------
40 Kgs 2556.00 50 2606.00
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