Spot rate lowered by Rs 75 amid hectic business on cotton market

Brisk trading was seen on the cotton market on Tuesday as most of the ginners tried to dispose off the unsold stock ahead of the fresh phutti arrivals, dealers said. The official spot was down by Rs 75 to Rs 4050, they said.
In the ready business, the prices of phutti were modestly lower, shedding Rs 25 to Rs 1850-1925 in Sindh, in the Punjab rates fell sharply by Rs 100 to Rs 1800-1950, they said. Market sources said that the mills were active as most of the ginners showed interest in lowering the asking prices due to good crop for the current season.
Commenting on the textile business, some analysts said that the news of the end of strike of goods transport was a positive development as it would save millions of foreign exchange. For the last seven or eight days, several items were lying under open sky and may be damaged for any reason, which could cause loss to the country's earnings, they said.
On Monday, the NY cotton futures closed lower, but about mid-range as a swift bout of profit-taking took prices down to five-day lows, where, as in recent sessions buyers emerged almost immediately, traders said. Key December contract closed down 0.51 cent at 69.12 cents a lb. The contract ranged from 67.62 and 70.48 cents, setting a lower low and a higher high. After hours, cotton was down 0.65 cent at 68.98 cents. December turnover was 7,909 lots by 3:26 pm EDT (1959 GMT).
THE FOLLOWING DEALS WERE REPORTED: 3000 bales of cotton from Shahdadpur sold at Rs 4100, 3000 bales from Tando Adam at Rs 4100, 2000 bales from Sanghar at Rs 4075-4100, 1000 bales from Mirpurkhas at Rs 4075-4100, 600 bales from Khipro at Rs 4075-4100, 400 bales from Sanjhoro at Rs 4100, 400 bales from Jhole at Rs 4100, 600 bales from Shahpur Chaker at Rs 4075-4100, 800 bales from Gojra at Rs 4125, 600 bales from Bhawalnagar at Rs 4050-4075, 1000 bales from Burewala at Rs 4100, 600 bales from Arifwala at Rs 4100, 1000 bales from Chichawatni at Rs 4100, 600 bales from Pir Mahal at Rs 4100, 1000 bales from Mian Channu at Rs 4100 and 400 bales from Hasilpur at Rs 4100, 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     4,050.00        50                   4,150.00

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

40 Kgs        4,340.00        50                   4,440.00

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