Cotton consumers step up buying as prices stabilise

Improved business was seen on the cotton market on Monday as mills showed interest in the fresh buying due to falling trend in the prices but on the other hand, the ginners tried to be on the sidelines mainly to increase the asking prices, dealers said.
The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2775, they added. In the ready business, the deals finalised between Rs 2750-2900, dealers said.
In Punjab phutti prices were at Rs 1300-1375 and in Sindh at Rs 1250-1275, they said. Hopes of better cotton arrival after the latest rain in Punjab preventing prices from fluctuating sharply and might help in retaining the firmness, leading brokers said.
Some hundreds of bales of cotton finalised at Rs 2900 as the ginners raised the prices of fine quality, they said. It seems that the ginners may start raising the asking prices due to strong buying by the spinners, they said.
The following deals were finalised : 1600 bales of cotton from Mirpurkhas sold at Rs 2750/2800 400 bales fromJhole at Rs 2825/2850, 2200 bales from Shahdadpur at Rs 2825/2850, 2000 bales from Tando Adam at Rs 2825/2850, 1000 bales from Hyderabad at Rs 2825/2825, 1200 bales from Sanghar at Rs 2800/2850, 400 bales from Bahawalpur at Rs 2850, 200 bales from Pakpattan at Rs 2850, 600 bales from Jahanian at Rs 2850/2900, 400 bales from Hyederabad at Rs 2850, 400 bales from Arifwala at Rs 2850, 200 bales from Hasil pur at Rs 2870 and 600 bales from Chichawatni at Rs 2850, dealers 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"

 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      2775.00        50                    2825.00

Equivalent-------------------------------------------------

40 Kgs         2974.00        50                    3024.00

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