Good business was seen on the cotton market on Thursday as slight fall in prices attracted the mills, dealers said. The official spot rate was unchanged at Rs 3475, they said. In the ready business over 10,000 bales changed hands between Rs 3425-3575, they said. Phutti prices in Sindh were same at Rs 1725-1750 and in Punjab the rates came down modestly to Rs 1750-1775, they added.
Market sources said that mills were active buyers as exporters kept on the sidelines due to quality factor. They said that mills were keenly buying cotton at the prevailing rates because they were confused about the supply position. The news are reaching the market that there are some signs of pest attack but definite extent of damage is not available and this is causing jitters among the mills so they are busy in forward buying to keep themselves safe from future losses, they observed.
US cotton futures finished Wednesday with moderate gains as participants took their cues from technical levels that have dominated trade for the last week, brokers said. The December cotton contract in New York settled at 58.91 cents a lb, a 1 percent or 0.56 cent increase. The trading range narrowed to 57.82 and 59.33 cents. The December cotton tally was 5,664 lots by 2:39 pm EDT (1839 GMT). March cotton rose 0.57 cent or 1 percent to end at 61.29 cents, but volume was a light 475 lots.
The following deals were reported: 1400 bales of cotton from Mirpurkhas sold at Rs 3450, 600 bales from New Saeedabad at Rs 3450, 2000 bales from Shahdadpur at Rs 3450-3475, 1200 bales from Tando Adam at Rs 3450-3475, 1600 bales from Sanghar at Rs 3425-3450, 400 bales from Noabad at Rs 3450, 600 bales from Mehrab Pur at Rs 3450, 400 bales from Burewala at Rs 3575, 600 bales from Haroonabad at Rs 3565, 200 bales from Chichawatni at Rs 3550, 200 bales from Fort Abbas at Rs 3550, 200 bales from Gojra at Rs 3525, 600 bales from Bahawalnagar at Rs 3525 and 200 bales from Pakpatan at Rs 3500, 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 3,475.00 100 3,575.00
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Equivalent
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40 Kgs 3,724.00 100 3,824.00
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