Prices fell on the cotton market on Tuesday as phutti arrivals started with steady pace, dealers said. The official spot rate was slashed by Es25 to Rs 3525. Over 20,000 bales changed hands between Rs 3525-3600, they said. Phutti prices in Sindh dropped by Rs 25 to Rs 1650-1700 and in Punjab down by Rs 25 to Rs 1675-1725, they added.
Some brokers said that the mills made buying to meet the near-term needs as they were also expecting that the prices may drop further in days to come. It's a fact that the ginners will try to sell all stock to be safe from future losses. In the meantime, it was observed that many growers have sold lacks of cotton bales due to good price level, they said.
On Monday the NY cotton futures rallied just before close, boosted by late gains in US stocks, crude oil and a falling dollar, after spending much of the session with only moderate increases as many participants await Friday's supply/demand data, traders said.
The December cotton contract jumped 0.93 cent to finish at 61.59 cents a lb, after trading from 60.67 to 61.72 cents. December contract volume stood at 5,862 lots by 2:56 pm EDT (1856 GMT). March cotton rose 0.94 cent to end at 64.05 cents a lb, and dealt from 63.11 to 64.13 cents.
THE FOLLOWING DEALS WERE REPORTED: 1000 bales of cotton from Hyderabad sold at Rs 3550, 3000 bales from Mir Pur Khas-Sultanabad at Rs 3525-3550, 4000 bales from Shahdad Pur at Rs 3550-3580, 2000 bales from Tando Adam at Rs 3550-3575, 2000 bales from Sanghar at Rs 3550-3560, 1000 bales from Nawabshah at Rs 3550-3560, 1000 bales from Khipro at Rs 3550, 400 bales from Pung Moro at Rs 3550, 400 bales from Chistian at Rs 3550, 400 bales from Bhahawal Nagar at Rs 3550, 400 bales from Pir Mahal at Rs 3550, 800 bales from Chichawatni at Rs 3575-3600, 600 bales from Mian Channu at Rs 3575-3600, 400 bales from Arif Wala at Rs 3575-3600, 1000 bales from Burewala at Rs 3575, 600 bales from Vehari at Rs 3550-3575, 400 bales from Sahiwal at Rs 3575, 800 bales from Haroonabad at Rs 3550, 400 bales from Faqir wali at Rs 3575, 1000 bales from Rajan pur at Rs 3550 and 1000 bales from Feros pur at Rs 3550.
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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 3,525.00 100 3,625.00
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Equivalent
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40 Kgs 3,778.00 100 3,878.00
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