Steady trend was seen on the cotton market on Saturday in process of small business, dealers said. The official spot rate resisted further loss at Rs 3450, they said. For the last couple of sessions, gradual decline was seen in trading activity due to steady arrivals of phutti and easing prices, so about 20,000 bales changed hands between Rs 3450-3500.
Phutti prices in Sindh were at Rs 1600-1650 and in the Punjab at Rs 1600 and Rs 1700 due to supply position, they added. Some marketmen said that the prices of cotton in the Punjab showing firmness due to tight supply after pest and cotton curl leaf virus attack. The supply position in Sindh is somewhat different as pace of phutti arrivals gaining momentum due to better production, they said.
The interesting thing to see would be when the Trading Corporation of Pakistan (TCP) will enter the market to sell more or less one million bales of cotton of last season. On Friday, the NY cotton futures settled easier on investor sales triggered by a firm dollar as the market largely shrugged off a government crop report, brokers said.
The December cotton contract lost 0.63 cent to close at 63.02 cents per lb, dealing from 62.81 to 63.96 cents. It was an inside day since the range was within Thursday's 62.75 to 64.08 cents band. December contract volume reached 6,195 lots at 2:53 pm EDT (1853 GMT). March cotton fell 0.62 cent to settle at 65.63 cents, ranging between 65.45 and 66.52 cents.
THE FOLLOWING DEALS WERE REPORTED: 4000 bales of cotton from Shadad Pur sold at Rs 3475-3500, 1200 bales from Tando Adam at Rs 3475-3500, 1000 bales from Sanghar at Rs 3450-3500, 1000 bales from Nawabshah at Rs 3475-3500, 1000 bales from Hala at Rs 3475-3500, 1000 bales from Mir Pur Khas at Rs 3475, 2000 bales from Upper Sindh at Rs 3500, 1000 bales from Khair Pur at Rs 3475-3500, 1000 bales from Rahim Yar Khan at Rs 3500, 1000 bales from Sadiqabad at Rs 3500, 600 bales from Khanewal at Rs 3500, 600 bales from Vehari at Rs 3450-3500, 1000 bales from Burewala at Rs 3475-3500, 400 bales from Arifwala at Rs 3475, 400 bales from Mian Channu at Rs 3475-3500, 400 bales from Chistian at Rs 3475-3500, 600 bales from Haroonabad at Rs 3500 and 600 bales from Bahawal Nagar at Rs 3475.
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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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