Prices continued upward march on the cotton market on Tuesday as most of the buyers grabbed all the floating lots of fine types, dealers said. The official spot rate was raised by Rs 100 to Rs 5,350 by the Karachi Cotton Association (KCA), they said.
Prices of seedcotton in Sindh were at Rs 1700-2300 and in the Punjab at Rs 1600-2700, they said. In ready dealings over 30,000 bales of cotton changed hands at Rs 3,400-5,500, they added.
Market sources said that since the news of entry of the Trading Corporation of Pakistan (TCP) reached the market, prices stabilised and it is expected that the prices may show firmness in the coming days. The cotton production is good for the current season and growers were hoping better profit but falling trend in the rates is creating uncertainties among them, Naseem Usman said.
The news of the TCP likely intervention and beginning of procurement is expected to stabilise prices which may ensure fair return to growers, other experts said.
Declining trend in the rates and demand, the world over were also a major reason behind the fall on the local market, they said. They also said that persisting slide in the prices is causing panic selling by the ginners and growers but despite this factor, most of them were expecting the government to take interest in bring the stability in the prices.
The following deals were reported: 600 bales of cotton from Tando Adam sold at Rs 3400, 400 bales of cotton from Kotri at Rs 4400, 1400 bales of cotton from Shahadad Pur at Rs 4400/4650, 2000 bales of cotton from Khair Pur at Rs 4900/5000, 2000 bales of cotton from Upper Sindh 4850/5200, 400 bales of cotton from Pak Pattan at Rs 4800, 400 bales of cotton from Chistian at Rs 5000, 800 bales of cotton from Haroonabad at Rs 5100, 1600 bales of cotton from Khanewal at Rs 5200/5500, 400 bales of cotton from Burewala at Rs 5250, 400 bales of cotton from Vehari 5250, 2000 bales from Fort Abbas at Rs 5300, 400 bales of cotton from Hasil Pur at Rs 5300, 1400 bales of cotton from Bahawal Pur at Rs 5350/5400, 1200 bales of cotton from Lodhran at Rs 5350/5400, 600 bales of cotton from Dunia Pur at Rs 5400, 400 bales of cotton from Tonsa Sharif at Rs 5400, 400 bales of cotton from Shadan Lund at Rs 5400, 3600 bales of cotton from Khan Pur at Rs 5400/5500, 3400 bales of cotton from Jalal Pur at Rs 5400/5500, 800 bales of cotton from Jatoi at Rs 5400, 400 bales of cotton from Ali Pur at Rs 5400, 1000 Liaquat Pur at Rs 5400, 200 bales of cotton from Rajan Pur at Rs 5450, 2000 bales of cotton from Rahim Yar Khan at Rs 5450/5500, 2000 bales of cotton from Sadiqabad at Rs 5500, 400 bales of cotton from Mian Wali at Rs 5500.
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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 26.12.2011
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37.324 Kgs 5,350 130 5,480 5,380 +100
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Equivalent
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40 Kgs 5,734 130 5,864 5,756 +108
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