Phutti and cottonseed oilcake prices were up on the cotton market on Wednesday following the surging trend in the international market, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2825, dealers said.
According to the market sources, Phutti prices went higher as the prices depicted sharp rise in the world market. The leading buyers were busy in exchanging Eid greetings, they said. The market opened after long holidays and it looks that the proper trading may start next week.
Phutti was trading at Rs 1375-1400 in Punjab and it was at Rs 1450-1475 in Sindh, they added. Binola was at Rs 610-640 in Sindh and it was at Rs 575-610 in the Punjab, they added.
Cotton analysts said that sharp rise in the cottonseed oilcake prices was the impact of the rise in the world cotton markets. The NY cotton futures moved both ways as the ICE Futures open-outcry December cotton contract rose 0.13 cent to end at 63.45 cents per lb, trading from 62.62 to 63.65 cents. March cotton shed 0.03 to 67.41 cents. The rest ranged from 0.80 cent down to up 0.20 cent. The ICE December electronic cotton contract gained 0.23 cent to 63.55 cents at 2:49 pm EDT (1849 GMT), dealing from 62.63 to 63.64 cents.
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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 2825.00 50 2875.00
Equivalent-------------------------------------------------
40 Kgs 3028.00 50 3078.00
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