Prices maintained a firm outlook on the cotton market on Wednesday as the Trading Corporation of Pakistan (TCP) is expected to enter the market within two-three days, dealers said. The official spot rate was unchanged Rs 3200, they said. Phutti prices in Sindh and Punjab were at previous level of Rs 1550-1650, they said.
According to the market sources the growers were selling their cotton at the obtaining prices half-heartedly. They were hoping that the prices might improve due to expected entry of the TCP. In the meantime, the mills were busy in the fresh buying owing to the said reason, they said.
Commenting on PCGA report, cotton analysts were of the opinion that the higher phutti arrival figure for the third term in a row, is giving an impression that the country may achieve cotton target for 2008-09. For the second day in a row, the NY cotton futures were higher as the key December cotton contract settled with 1.64 cent gain at 46.32 cents per lb.
The range extended up to 46.89 cents, a near 4 percent gain. The day's low was 44.36, a double bottom on the cotton chart, suggesting that level might offer support. Last Friday, December cotton futures slid to a new lifetime low of 43.64 cents, a level last visited in February 2005. March cotton ended up 1.72 cents at 50.87 cents. December cotton volume reached 8,405 lots by 3:20 pm (2020 GMT).
THE FOLLOWING DEALS WERE REPORTED: 1200 bales of cotton from Shahdadpur sold at Rs 3100, 1000 bales from Sanghar at Rs 3100, 400 bales from Shahpur Chaker at Rs 3100, 1200 bales from Mirpurkhas-Sultanabad at Rs 3100, 600 bales from New Saeedabad at Rs 3100, 1000 bales from Khairpur at Rs 3100, 2500 bales from Upper Sindh at Rs 3175-3200, 1200 bales from Jampur at Rs 3250, 2000 bales from Ahmedpur at Rs 3200-3250, 400 bales from Chani Coth at Rs 3250, 1600 bales from Kabirwala at Rs 3225-3260, 400 bales from Fazilpur at Rs 3200, 1600 bales from Burewala 3200, 400 bales from Haroonabad at Rs 3200, 400 bales from Chistian at Rs 3150, 200 bales from Sahiwal at Rs 3125, 200 bales from Faqirwali at Rs 3200, 200 Dahranwala at Rs 3200, 400 bales from Vehari at Rs 3200, 1000 bales from Chichawatni at Rs 3200, 2000 bales from Khanewal at Rs 3200-3250, 2000 bales from Alipur at Rs 3200-3252, 600 bales from Sadiqabad at Rs 3200, 400 bales from Rahim Yar Khan at Rs 3200, 600 bales from Dera Ghazi Khan at Rs 3200. 200 bales from Mamon Kanjan at Rs 3200, 200 bales from Qaboola at Rs 3150, 200 bales from Depalpur at Rs 3200, 1600 bales from Rajanpur at Rs 3200-3250, 400 bales from Ladhran at Rs 3200, 400 bales from Shaden Lund at Rs 3200, 400 bales from Tounsa at Rs 3200 and 400 bales from Noorpur at Rs 3250, 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 3,200.00 100 3,300.00
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Equivalent
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40 Kgs 3,429.00 100 3,529.00
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