Active mills' participation in the daily in-take pushed the rates modestly up on the cotton market on Tuesday, dealers said. The official spot rate was unchanged at Rs 3350, they said. The phutti prices in both the Punjab and Sindh were at Rs 1650-1800. In the ready business modest gain of Rs 50 was seen in the prices at Rs 3450 in process of trading, they added.
Market sources said that flexible attitude by the ginners, helped the mills to make fresh deals, but one factor was also there and that was falling lots of fine quality, which is propelling mills to increase buying to meet the export shipment.
Additionally, with the purchasing of best lots, they have to evolve strategy to making up for shortage, they said. The ginners were trying to raise prices but some of them adopted flexibility to sell the unsold stock, they observed. On Monday, the NY cotton futures settled higher on investor short covering as the market shrugged off weak outside markets and could grind up in the days ahead, brokers said.
The key March cotton contract rose 0.30 cent to close at 49.71 cents per lb, trading between 48.69 and 50.20 cents. Volume traded in the March contract was at 8,333 lots at 3:02 pm EST (2002 GMT). The May contract added 0.36 cent to end at 50.80 cents.
The following deals were reported: 1000 bales of cotton from Shahdad Pur sold at Rs 3250-3300, 400 bales from Dadu at Rs 3250, 800 bales from Hala at Rs 3275, 800 bales from Mir Pur Khas at Rs 3300, 2000 bales from Sadiqabad at Rs 3300-3400, 1000 bales from Rahim Yar Khan at Rs 3300-3310, 400 bales from Dunia Pur at Rs 3400-3450, 4000 bales from Vehari at Rs 3400, 400 bales from Fort Abbas at Rs 3325, 1000 bales from Ahmed Pur at Rs 3450, 800 bales from Haroonabad at Rs 3300, 400 bales from Liaquat Pur at Rs 3250, 400 bales from Faqirwali at Rs 3250, 400 bales from Mongi at Rs 3225-3250, 600 bales from Bahawal Pur at Rs 3450, 800 bales from Noor Pur at Rs 3375-3400 and 200 bales from Khanewal at Rs 3360, 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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37.324 Kgs 3,350.00 100 3,450.00
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Equivalent
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40 Kgs 3,590.00 100 3,690.00
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