Brisk trading was seen on the cotton market on Thursday as exporters were the active buyers to cover the forward buying, dealers said. The official spot rate was unchanged at Rs 4,125, they said. Phutti prices in Sindh were slightly lower at Rs 1,900-Rs 1,925 and in Punjab, the rates were also down at Rs 1,800-Rs 1,900, they added.
Market sources said that mills were also a little bit active as they were bound to meet export consignments in the near future. Commenting on the latest developments, some brokers said that the exports may rise this year as exporters were showing interest in fresh buying due to attractive dollar's rate.
But one thing is important to note that they noticed some speculative buying by the mills and spinners as they were under pressure following the reports about the slight fall of current production, they said.
On Wednesday, the US cotton futures finished lower as losses in other commodities pulled down fiber futures, but analysts said the full impact of Hurricane Gustav has yet to be measured and already-vulnerable crops may need to survive storms Hanna, Ike and Josephine next week. Key December cotton futures closed at 69.69 cents a lb, a 0.49 cent decline. December's contract range spanned 69.30 to 70.33 cents a lb.
In after hours trade, December cotton was down 0.69 cent at 69.49 cents a lb. By 3:44 pm (1944 GMT), December's contract tally came to 7,594 lots, after a session of moderate selling. One broker said an option trade earlier knocked cotton off its session highs.
The following deals reported as some 2000 bales from Shahdadpur at Rs 4150-4175, 2000 bales from Tandoadam at Rs 4150-4175, 2000 bales from Sanghar at Rs 4150-4175, 400 bales from Kazi Ahmad sold at Rs 4175,400 bales from Sarhari at Rs 4150-4175, 600 bales from Khirpro at Rs 4150, 1000 bales from Hala at Rs 4150-4175, 3400 bales from Mirpurkhas-Sultanabad at Rs 4125/4150, 1000 bales from Hyderabad at Rs 4150, 600 bales from New Saeedabad at Rs 4150/4175, 600 bales from Nawabshah at Rs 4150-4175, 200 bales from Harappa at Rs 4100, 600 bales from Bhawalnagar at Rs 4100, 1000 bales at Rs Gojra 4100-4110, 200 bales from Khanewal at Rs 4100, 2000 bales from Burewala at Rs 4100-4125, 200 bales from Dipalpur at Rs 4075, 600 bales from Arif wala at Rs 4100, 800 bales from Pakpattan at Rs 4050-4100, 1000 bales from Chichawatni at Rs 4100-4125, 1000 bales from Mian Channu at Rs 4100-4110, and 1000 bales from Sahiwal at Rs 4090-4125, 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 4,125.00 50 4,225.00
Equivalent-------------------------------------------------
40 Kgs 4,421.00 50 4,521.00
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