Panic selling by ginners was again seen on the cotton market on Wednesday on expectations of increase in phutti arrivals in coming days, dealers said. The official spot rate was unchanged at Rs 3450, they said. In the ready business prices fell modestly as approximately 12000 bales changed hands between Rs 3450-3540, they added.
Phutti price in Sindh was modestly lower by Rs 25 to 1725-1750, in Punjab rates went up by Rs 50 to Rs 1775-1800 as picking operations stopped after fresh rains in cotton belt, they said. Some cotton experts said that the Trading Corporation of Pakistan (TCP) issued tender to sell nearly 30,000 cotton bales, in the meantime it received bids for 53,000 bales of cotton by the mills and exporters, 29000 by exporters and 24,000 by mills.
The mills were active despite good cotton production this year on rising apprehensions about price hike in near future. Explaining the increase in purchases, experts said that mills and exporters both are making business in an expanding ways on hopes that exports will show promising picture in days to come. Commenting on the textile policy some cotton analysts were of the view that the global textiles are emerging out of the long recession.
To see progress in the exports the incentives presented in the textile policy will definitely provide one-window facility. If the pledges made in the policy implemented immediately, then the textile sector will be able to get desired incentives. "We should keep in mind that if the implementations are delayed for any reason, we will be left far behind our competitors in the world markets", they said.
On Tuesday, the NY cotton futures finished lower on modest investor sales as players waited for leads on the next move of fibre contracts, brokers said. The December cotton contract in New York slipped 0.52 cent to end at 58.89 cents per lb, trading from 58.81 to 60.25 cents. Volume in the December contract was at 9,106 lots at 2:56 pm EDT (1856 GMT). March cotton lost 0.58 cent to finish at 61.30 cents.
THE FOLLOWING DEALS WERE REPORTED: 1000 bales of cotton from Mir Pur Khas sold at Rs 3350-3400, 2400 bales from Shahdad Pur at Rs 3400-3425, 2000 bales from Tando Adam at Rs 3400-3425, 400 bales from Sanghar at Rs 3400, 200 bales from Khipro at Rs 3350, 200 bales from Pithoro at Rs 3350, 200 bales from Pir Mahal at Rs 3475, 2000 bales from Burewala at Rs 3500-3525, 400 bales from Chistian at Rs 3500, 400 bales from Chichawatni at Rs 3475-3500, 200 bales from Bahawalnagar at Rs 3450, 400 bales from Muridwala at Rs 3500-3525, 600 bales from Haroonabad at Rs 3500, 200 bales from Sahiwal at Rs 3500, 400 bales from Kabirwala at Rs 3540, 200 bales from Jahanian at Rs 3485, 200 bales from Pak Pattan at Rs 3435, 200 bales from Gaggo at Rs 3475 and 200 bales from Mian Channu at Rs 3475, 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 3,450.00 100 3,550.00
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Equivalent
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40 Kgs 3,697.00 100 3,797.00
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