Bulls dominated the cotton market on Monday as spot rate tended higher and ginners also increased asking prices, dealers said. The official spot rate was raised by Rs 150 to Rs 5,250 by the Karachi Cotton Association (KCA), they said.
Prices of seedcotton in Sindh were at Rs 1600-2300 and in the Punjab Rs 1600-2700, they said. In ready dealings slight improvement was seen as approximately, 13,000 bales of cotton changed hands at Rs 4,500-5,400, they added.
According to the market sources the mills and spinners despite being on the sidelines did some cautious buying to cover the immediate needs. Most of the mills were hoping prices to come down at their psychological levels but some of them bought fine quality on the higher rates, they said.
Market anticipation about the entry of Trading Corporation of Pakistan (TCP) as a second buyer, propelled them to make fresh purchasing of cotton, other experts said.
To fix the support or minimum prices of cotton, a meeting of all textile stakeholders will be held on Wednesday, which will be presided over by the Federal Textile Minister, Naseem Usman said.
The following deals were reported: 200 bales of cotton from Kazi Ahmed sold at Rs 4500, 400 bales of cotton from Moro at Rs 4650, 2000 bales of cotton from Khair Pur at Rs 4600/4800, 2000 bales of cotton from Upper Sindh at Rs 5050/5100, 1000 bales of cotton from Faqirwali at Rs 4950/5000, 1000 bales of cotton from Haroonabad at Rs 4950/5000, 2000 bales of cotton from Khanewal at Rs 5000/5200, 1000 bales of cotton from Rahim Yar Khan at Rs 5300, 1000 bales of cotton from Rajan Pur at Rs 5400, 1000 bales of cotton from Sadiqabad at Rs 5300, 1000 bales of cotton from Khan Pur at Rs 5400, 400 bales of cotton from Fazil Pur at Rs 5400.
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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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 24.12.2011
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37.324 Kgs 5,250 130 5,380 5,230 +150
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Equivalent
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40 Kgs 5,626 130 5,576 5,596 +160
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