Business volume up in steady condition on cotton market

Steadier trend was seen on the cotton market on Saturday as prices were firm amid active buying by the exporters and mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3650, dealers said.
Phutti prices were easier in Punjab at Rs 1700-1725 while rates in Sindh were at Rs 1850-1900, they said. Most of the deals finalised at the higher rates due to strong demand by the mills and exporters, but now it seems that activity may come down as a result of stable rupee rate against dollar, some leading dealers said.
In the meantime, growers and ginners are interested in fresh selling at the prevailing levels being lucrative, but now the buyers may prefer sidelines on anticipations of fall in the rates, they added.
On Friday, New York cotton futures settled steady on late investment short-covering as the key December cotton contract rose 0.01 cent to finish at 73.59 cents per lb, dealing from 72.23 and 75.20 cents. Volume traded in the December contract stood at 13,226 lots at 2:35 pm EDT (1835 GMT). December cotton contract's ability to hold the 72.16 cents, basis December, low of Tuesday may help stabilise fiber contracts.
The following deals were reported : some 200 bales from Sanghar sold at Rs 3985, 200 bales from Pir Mahal at Rs 4000, 200 bales from Khanewal at Rs 3950, 400 bales from Sahiwal at Rs 3950-4000, 600 bales from Arif wala at Rs 3950-4000, 600 bales from Burewala at Rs 3950-4000, 400 bales from Chichawatni at Rs 3950-4000 400 bales from Pakpattan at Rs 3950-4000, 400 bales from Hyderabad at Rs 3950-4000, 200 bales from Gojra at Rs 4000, 200 bales from Haslipur at Rs 3925 and 400 bales from Mian Chunno at Rs 3950-4000, dealers 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      3650.00       50                     3700.00

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Equivalent

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40 Kgs         3912.00       50                     3962.00

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