Good turn over observed on cotton market

Good trading was seen on the cotton market on Wednesday as mills and exporters continued forward buying, dealers said. The official spot rate was unchanged at Rs 4100, they said. Phutti prices in Sindh were unchanged at Rs 1900-1925 for the third session and in Punjab, the rates were also same at Rs 1800-1900, they said.
According to the market sources, fresh arrival of phuitt pushed the rates lower slightly and it is expected that the prices would show softness in the near future. On the other hand ginners were trying to dispose off all the unsold stock, they added.
The exporters were making deals but in small volume apparently because of slight fluctuations in the dollar rates, they said. On Tuesday, the NY cotton futures finished softer on investment fund liquidation and tumbling commodity markets, with analysts saying the glum mood may lead to further losses this week. Key December cotton futures fell 1.32 cents to finish at 64.28 cents per lb.
Based on the weekly second position daily charts, it was the lowest close for cotton since late in 2007. The contract traded from 63.90 to 65.82 cents. Volume traded in the December contract stood at 15,563 lots at 2:38 pm (1838 GMT).
The following deals were reported: 3600 bales of cotton from Shahdadpur sold at Rs 4100-4125, 2000 bales Tando Adam at Rs 4100-4125, 1600 bales from Sanghar at Rs 4100,100 bales from Shahpur Chaker at Rs 4075-4100, 1000 bales from New Saeedabad at Rs 4075-4100, 1800 bales from Mirpurkhas at 4075-4100, 800 bales from Khipro at Rs 4090-4125, 800 bales from Vehari at Rs 4050-4075,400 bales from Arifwala at Rs 4075, 1000 bales from Burewala at Rs 4100, 1000 bales from Mian Channu at Rs 4075-4100, 800 bales from Chichawatni at Rs 4075-4100, 600 bales from Haroonabad at Rs 4075-4100 and 600 bales from Bhawalnagar at Rs 4075, 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     4,100.00        50                   4,200.00

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

40 Kgs        4,394.00        50                   4,494.00

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