Improved business seen on cotton market

Improved business was seen on the cotton market on Wednesday buyers were active to cover the forward needs, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3200, they said. In the ready trade, most of the businesses reported between Rs 3150 and 3370, they added.
Phutti prices in Sindh were lower by Rs 50 to Rs 1450 and 1500 and in Punjab, inferior type was up by Rs 50 to Rs 1550 and good quality shed Rs 25 1600, they said.
According to the market sources, some spinners made buying as ginners cut down the asking prices and it appears that some ginners will prefer to sell at the prevailing rates rather than selling at below the psychological level. It is understood that the mills are needy to meet the exports requirements, they said.
NY cotton futures gave up overnight gains as the ICE Futures' open-outcry March cotton contract shed 0.06 cent to close at 68.24 cents per lb, moving from 67.85 to 68.80 cents. May cotton eased 0.10 to 70.06 cents and the new-crop December cotton contract fell 0.09 to 76.51 cents. ICE March electronic cotton futures lost 0.13 cent to 68.17 cents at 3:12 pm EST (2012 GMT), moving from 67.87 to 68.89 cents. Frank Weathersb.
The following deals were finalised: 1600 bales from Sadiqabad sold at Rs 3370, 3000 from Rahim Yar Khan sold at Rs 3200-3350, 400 bales from Fazilpur at Rs 3150, 600 bales from Yazman Mandi at 3350, 400 bales from Layyah at Rs 3075, same figure from Shujaabad at Rs 3155, same number from Bahawalpur at Rs 3225 and 800 bales from Dera Gazi Khan at Rs 3175.

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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      3200.00        50                    3250.00

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

40 Kgs         3429.00        50                    3479.00

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