Cotton prices went up on the cotton market on Thursday due to strong demand by the mills, dealers said. The official spot rate gained Rs 75 at Rs 3,200, they said. The phutti prices were sharply higher in both the Punjab and Sindh at Rs 1550-1700, they added. A deal of 3,400 from Liaquatpur done at Rs 3,400.
Market sources said that the quality factor is dominating, as mills preferred to pay higher prices to get best type. In the meantime, the ginners were looking a little bit satisfied over the prevailing situation. Some ginners were not coming ahead to sell cotton, instead they were trying to keep sidelines in anticipation of more rise in the prices, they said.
Some brokers said that the prices may move both ways ahead of the Pakistan Cotton Ginners Association (PCGA) fortnightly report. On Wednesday, the NY cotton futures settled at a two-month top on investor buying before a holiday break and the surge might spill over into the early part of 2009, brokers said.
The cotton market was shut Thursday for New Year, with business resuming on Friday. The key March cotton contracts increased 1.05 cents to end at 49.02 cents per lb, after moving from 47.81 to 49.30 cents. It was the highest close for cotton since late October when it was trading around 49 cents. Volume traded in the March contract was at 5,268 lots at 3:00 pm EST (2000 GMT).
The following deals were reported as some 1000 bales from Mir Pur Khas at Rs 3025, 600 bales from Dadu at Rs 3050, 500 bales from Saeedabad at Rs 3100, 500 bales from Daulat Pur at Rs 3100, 2000 bales from Shahdad Pur at Rs 3050, 400 bales from Nawab Shah at Rs 3100, 400 bales from Hyderabad at Rs 3100, 3000 bales from Upper Sindh at Rs 3200-3250, 3500 bales from Sadiqabad at Rs 3275, 2000 bales from liaquat Pur at Rs 3275, 2000 bales from Ahmed Pur at Rs 3275, 1000 bales from S Sultan at Rs 3300, 400 bales from Rahim Yar Khan at Rs 3300, 800 bales from M Pur at Rs 3300, 800 bales from Jam Pur at Rs 3260, 400 bales from Ahmed Pur at Rs 3200, 600 bales from Yazman 3225,1600 bales from Rajan Pur at Rs 3200, 1400 bales from Ahmed Pur East at Rs 3150, 800 bales from Ali Pur 3200, dealers said.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.324 Kgs 3,200.00 100 3,300.00
-----------------------------------------------------------
Equivalent
-----------------------------------------------------------
40 Kgs 3,429.00 100 3,529.00
===========================================================
Comments
Comments are closed.