Enhanced buying seen on cotton market

Firm outlook was seen in the cotton market on Wednesday despite enhanced buying and the ginners cautious attitude towards 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 2810-2900. In Punjab and Sindh, phutti prices were same at Rs 1325-1350, they said. Sporadic rains in cotton growing areas of Punjab, made the ginners a little bit cautious as they were trying to increase the prices of fine quality, some brokers said.
Spinners made huge purchasing to cover the forward buying. It is expected that the cotton prices may move cautiously during the month of Ramazan as there is almost no possibility of further monsoon rains after the middle of September.
The NY cotton futures were higher as the ICE Futures open-outcry December cotton contract finished 0.64 cent higher at 61.64 cents per lb., off only slightly from the seven-day peak at 61.70 cents.
The session low was 60.80 a lb. March cotton gained 0.80 cent to 64.92 cents by the end, with other contracts settling 0.60 to 0.90 cent higher. On the ICE Futures electronic cotton market, December cotton advanced 0.55 cent to 61.55 cents by 2:54 pm EDT (1811 GMT) and reached a high at 61.94 cents.
The following deals were finalised : 2600 bales of cotton from Shahdadpur sold at Rs 2825/2850, 2000 bales from Tando Adam at Rs 2825/2850, 2000 bales from Mirpurkhas at Rs 2810/2825, 200 bales from Sanghar at Rs 2825, 200 bales from Hyderabad at Rs .2850, 200 bales from Bahawalnagar at Rs 2850, 200 bales from Kabirwala at Rs 2875, 200 bales from Gojra at Rs 2850, 400 bales from Bahawalpur at Rs 2825, 200 bales from Jahanian at Rs 2875, 600 bales from Jhang at Rs 2850, 400 bales from Mianchunnu at Rs 2875, 200 bales from Pakpattan at Rs 2850, 200 bales from Hyderabad at Rs 2825, 200 bales from Sahiwal at Rs 2875, 200 bales from Arifwala sy at Rs 2865, 200 bales from Khanewal at Rs 2875, 400 bales from Hasilpur at Rs 2875/2885 and 200 bales from Bahawalpur at Rs 2900, dealers said.

===========================================================

The KCA Official Spot Rate for Local Dealings in Pak Rupees

-----------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"

 MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

===========================================================

Rate           Ex-Gin     Upcountry    Spot Rate Ex-Karachi

for            Price                        Sales Tax @ 15%

===========================================================

37.32 Kgs      2775.00        50                    2825.00

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

40 Kgs         2974.00        50                    3024.00

===========================================================