Spot rate was sharply down on the cotton market on Thursday despite hectic buying by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was sharply lower by Rs 75 at Rs 3100, dealers said.
Same trend mirrored in the Phutti prices in Sindh turning lower by Rs 50 to Rs 1500-1550 and in Punjab the prices followed the same trend, lost the same amount to Rs 1525-1575, they said. Several lots of low grades both from Sindh and the Punjab cotton belts were sold between Rs 3050 and Rs 3200, they said.
Market sources said that the spinners have options, not taking interest in the fresh deals due to falling trend in the NY cotton market and other major factor was China, which was out of the Indian cotton market. Local mills were interested in importing the Indian cotton due to cheaper rates as compared to the local prices, they said.
Under the circumstance, the ginners were unnerved and trying to sell as much as they can but now the spinners were not ready to oblige them, they said. The trend in the New York cotton market was mixed as the ICE Futures open-outcry December cotton rose 0.01 cent to close at 60.07 cents per lb, trading 59.50 to 60.30 cents. The now key March contract added 0.02 cent to finish at 65.54 cents, moving from 65.35 to 65.95 cents. One contract aside, the rest shed 0.03 to 0.05 cent.
The ICE March electronic cotton contract went up 0.12 cent to 65.64 cents at 2:42 pm EST (1942 GMT), dealing from 65.35 to 65.95 cents. The market will be close on Thursday and Friday for Thanksgiving. Trading will resume on Monday.
The following deals were finalised: 200 bales from Sultanadab sold at Rs 3050, 400 bales from Tando Adam at Rs 3100, 800 bales from Khipro at Rs 3100-3180, 1000 bales from Shahdadpur at Rs 3100- 3125, 1000 bales from Khairpur at Rs 3150, 1000 bales from upper Sindh at Rs 3200, 1000 bales from Dera Gazi Khan at Rs 3150-3200, 2000 bales from Rajanpur at Rs 3175-3200, 1600 bales from Hasilpur at Rs 3175-3200, 1200 bales from Ahmedpur East at Rs 3175-3200, 1000 bales from Burewala at Rs 3150, 1000 bales from Rahimyar Khan at Rs 3175-3200, 1200 bales from Sadiqabad at Rs 3175-3200, 2000 bales from Khanewal at Rs 3180-3200, 1800 bales from Bahawalnagar at Rs 3175-3200, 2000 bales from Haroonabad at Rs 3150-3200, 1000 bales from Jalalpur at Rs 3200, 1000 bales from Shujabad at Rs 3200, 1000 bales from Hasilpur at Rs 3150, 1000 bales from Chishtian at Rs 3150 and 1000 bales from Chichawatni at Rs 3150, 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 3100.00 50 3150.00
Equivalent-------------------------------------------------
40 Kgs 3322.00 50 3372.00
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