The official spot rate was on upward march as mills continued buying, dealers said on the cotton market on Friday.The official spot rate was raised by Rs 75 to Rs 3125, they said. Phutti prices in Sindh and Punjab were unchanged at Rs 1500-1600, they said.
The prices of cotton were higher on expectations that the demand and supply factor may push the prices higher in the coming days, they said. Besides, the ginners were somewhat reluctant buyers due to the said reason. The Pakistan Cotton Ginners Association (PCGA) met on Thursday to discuss the problems faced by them due to the shortage of power and gas supplies.
They also tried to seek the solutions to improve prices, they observed. It is expected that the Trading Corporation of Pakistan may intervene in the market to support the prices. But the corporation is playing with delay practice, they added. Fund sales were seen as a result of poor demand and spectre of a global recession, pushing the NY cotton futures at nearly four-year lows on Friday, brokers said.
The key December cotton contract fell 1.79 cents, or by nearly 4.0 percent, to close at 45.09 cents per lb, dealing from 47.62 to a lifetime low of 45.03 cents. On the spot weekly charts, it was the lowest finish for cotton since trading around 43 cents in February 2005. March dropped 1.70 cents to 49.18 cents. Volume traded in the December contract stood at 12,979 lots at 2:47 pm (1843 GMT).
The following deals were reported: 1400 bales of cotton from Shahdadpur sold at Rs 3150-3200, 400 bales from Vehari at Rs 3200, 600 bales from Tando Adam at Rs 3150-3175, 400 bales from Shah Jamal at Rs 3200, 1600 bales from New Saeedabad at Rs 3150-3200, 400 bales from Jahanian at Rs 3200, 1000 bales from Sanghar at Rs 3150-3175, 2000 bales from Rajanpur at Rs 3200, 1000 bales from Khairpur at Rs 3150, 400 bales from Layyah at Rs 3200, 600 bales from Mirpurkhas at Rs 3150-3175, 400 bales from Fazilpur at Rs 3200, 1600 bales from Khanewal at Rs 3200-3225, 600 bales from Shujabad at Rs 3200, 1000 bales from Kabirwala at Rs 3200 400 bales from Jalalpur at Rs 3200, 2000 bales from Noorpur at Rs 3200, 800 bales from Chani Got at Rs 3200, 2000 bales from Bahawalpur at Rs 3200, 400 bales from Arrifwala at Rs 3200, 1200 bales from Ahmedpur at Rs 3200, 200 bales from Haroonabad at Rs 3200, 400 bales from Khanewal at Rs 3200, 800 bales from Ghazi Ghat at Rs 3200,
400 bales from Shudan Lund at Rs 3200, 1600 bales from Hasilpur at Rs 3200, 600 bales from Burewala at Rs 3200, 200 bales from Pir Mahal at Rs 3200, 400 bales from Chichawatni at Rs 3200 at Rs 400 bales from Uch Sharif at Rs 3200, 400 bales from Khanpur at Rs 3200, 200 bales from Gajjo Mandi at Rs 3175 800 bales from Dera Ghazi Khan at Rs 3200 and 600 bales from Khanot at Rs 3150, they 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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37.324 Kgs 3,125.00 100 3,225.00
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Equivalent
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40 Kgs 3,349.00 100 3,449.00
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