Modest trading on cotton market

Modest trading was seen in the cotton market on Thursday as members of the All Pakistan Textile and Mills Association (APTMA) met to find the ways to solve the hovering crisis for the textile sector, dealers said. The Karachi Cotton Association (KCA) official spot rate maintained its overnight at Rs 3,050, dealers said.
Phutti prices in Sindh was at Rs 1,550 - Rs 1,650, while in Punjab at Rs 1,600 - Rs 1,700, dealers said. In the ready business, cotton prices mostly traded at Rs 3,200, analysts said.
Commenting on the Aptma's meeting all over the country, they said that the higher prices have forced the spinning mills to close their business as they are meeting the local demand. The main thing was at present, how it is possible to import cotton from the other countries within the range of spinners' psychological levels because prices are on upward march in the world markets, they said.
The New York cotton futures were marginally up as the ICE December electronic cotton contract rose 0.29 cent to trade at 64.16 cents at 3:11 pm EDT (1911 GMT), dealing from 63.82 to 64.35 cents.
ICE Futures open-outcry December cotton went up 0.21 cent to end at 64.08 cents per lb, trading from 63.80 to 64.35 cents. It was an inside day since the range was within Tuesday's 63.58 to 64.40 cents band. March rose 0.16 to 68.74 cents. The rest gained 0.05 to 0.45 cent.
Following deals were reported: as some 2,000 bales from Mirpurkhas at Rs 3,075/3,100, 1,000 bales from Sadiqabad at Rs 3,075/3,100, 1,000 bales from Sanghar at Rs 3,075, 4,000 bales from Bahawalpur at Rs 3,200, 1,000 from Alipur at Rs 3,200, 400 bales from Shujabad at Rs 3,200, 2,000 bales from Ahmedpur East at Rs 3,200, 2,000 bales from Jalalpur at Rs 3,200, 200 bales from Pul Rango at Rs 3,200, 1,000 bales from DG Khan at Rs 3,200, 1,000 bales from Liaqaatpur at Rs 3200, 1000 bales from Yazman Mandi at Rs 3,200, 400 bales from Fazalpur at Rs 3,200, 400 bales from Samandr at Rs 3,175, 800 from Jahania at Rs 3,175, 200 bales from Hyderabad at Rs 3,175, and from 200 Qutabpur at Rs 3,175, they 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      3050.00        50                    3100.00

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

40 Kgs         3269.00        50                    3319.00

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