Quality factor has increased the demand for the local cotton, which helped in stabilising the rates on the cotton market on Wednesday, dealers said. The official spot rate was unchanged at Rs 3500. Approximately, 35,000 bales changed hands between Rs 3525-3600, they said. Phutti prices in Sindh were same at Rs 1700-1725 and in Punjab at Rs 1725-1775, they added.
Market sources said that phutti of Sindh is best and attracting mills and exporters because they are making forward deals on rising fears about the arrivals. The quality of Punjab cotton is not so good after the monsoon rains, now the hot weather is hurting the cotton quality and this is the reason for increasing demand for Sindh cotton, they said.
The ginners are in flexible mood, disposing off stock due to steady arrivals from Sindh, they said. On Tuesday the NY cotton futures closed lower on investor sales as technical pressure and possible harvest pressure depressed fibre contracts, with brokers saying the next move will depend on outside markets and the dollar.
The December cotton contract declined 1.45 cents to finish at 61.45 cents per lb, trading from 61.17 to 63.35 cents. December contract volume reached 8,786 lots at 2:39 pm EDT (1839 GMT). March cotton fell 1.41 cents to end at 63.59 cents, dealing from 63.25 to 65.50 cents.
The following deals were reported : 5000 bales of cotton from Shahdadpur sold at Rs 3575, 3000 bales from Tando Adam at Rs 3575, 3000 bales from Sanghar at Rs 3550-3575, 400 bales from New Saeedabad at Rs 3550, 2000 bales from New Saeedabad at Rs 3550-3575, 5000 bales from Mir Pur Khas and Sultanabad at Rs 3525-3550, 1000 bales from Shah Pur Chaker at Rs 3575, 3000 bales from Khair Pur at Rs 3575, 2000 bales from Upper Sindh at Rs 3575, 1800 bales from Rajan Pur at Rs 3600, 1000 bales from Fazil Pur at Rs 3600, 2000 bales from Burewala at Rs 3575-3600, 400 bales from Fort Abbas at Rs 3600, 400 bales from Faqir- wali at Rs 3600, 200 bales from Gajjo at Rs 3600, 600 bales from Khanewal at Rs 3600, 400 bales from Pakpattan at Rs 3600, 600 bales from Arif Wala at Rs 3600, 600 bales from Sahiwal at Rs 3600, 400 bales from Ghazi Ghat at Rs 3600, 400 bales from Dera Gazi Khan at Rs 3600, 400 bales from Vehari at Rs 3600, 200 bales from Jhanian at Rs 3550 and 400 bales from Bahawalnagar at Rs 3600.
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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 3,500.00 100 3,600.00
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Equivalent
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40 Kgs 3,751.00 100 3,851.00
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