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Firmness prevailed on the cotton market on Thursday as leading mills and exporters did buying of best quality to meet the near term needs, dealers said. The official spot rate was unchanged at 3525. Phutti prices in Sindh were same at Rs 1725-1750 and in the Punjab, prices also showed firmness at Rs 1750-1800, they said.
Volume of business was somewhat low compared to Wednesday's panic buying as above 13,000 bales of cotton changed hands between Rs 3575-3615, they added. According to the market sources, mills and exporters both were trying to cover the immediate needs despite the higher trend in the prices. But they could not make buying in a big way as prices did not match with their psychological levels, they said. They also said that attacks on police installations on Thursday in Lahore were an adding factor behind the thin business. On Wednesday the NY cotton futures settled at a fresh 13-month peak on investor buying inspired by the fall in the dollar to a 14-month low, brokers said.
The December cotton contract advanced 1.20 cents to close at 67.08 cents per lb, dealing from 65.73 to 67.61 cents. On a spot basis, it was the highest finish for cotton since early September 2008. December contract volume reached 15,901 lots at 2:39 pm EDT (1839 GMT). March cotton rose 0.90 cent to settle at 69.25 cents, ranging between 68.32 and 69.78 cents.
The following deals were reported: 3000 bales of cotton from Shahdadpur sold at Rs 3575-3600, 2000 bales from Tando Adam at Rs 3575-3600, 2000 bales from Sanghar at Rs 3575-3600, 1500 bales from Mirpurkhas at Rs 3575, 1000 bales from Hala at Rs 3575-3600, 200 bales from Kandyari at Rs 3615, 200 bales from Chistian at Rs 3600, 200 bales from Mian Channu at Rs 3600, 400 bales from Khanewal at Rs 3600, 600 bales from Haroonabad at Rs 3600, 200 bales from Pak Pattan at Rs 3600 and 200 bales from Burewala 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 3,525.00 100 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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Copyright Business Recorder, 2009

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