Improved activity was seen on the cotton market on Tuesday as both mills and exporters indulged in forward buying despite higher asking prices, dealers said. The official spot rate was again raised by Rs 50 to Rs 5,600, they said. Prices of seedcotton in Sindh were unchanged at Rs 2000-2400 and in the Punjab at Rs 2200-2800, they said.
In ready dealings about 20,000 bales of cotton changed hands at Rs 4,500-6000, they said. According to the market sources prices were stable as the ginners were trying to sell cotton at their psychological level to keep themselves away from losses, analysts said.
The exporters and mills were covering the forward buying on fears of upward trend in the prices in coming days, they added. On Monday the NY cotton futures finished near a two-month top on follow-through investor buying, and the market may be bracing for a run at the psychological $1 a lb level over the next few weeks, analysts said. The benchmark March cotton contract increased 0.58 cent to finish at 96.44 cents a lb, its highest settlement since the middle of November. The contract traded between 93.22 and 96.90 cents, Reuters adds.
The following deals were reported: 400 bales of cotton from Mir Pur Khas sold at Rs 4500, 600 bales of cotton from Rohri at Rs 5625, 600 bales of cotton from Bahawal Nagar at Rs 5400, 400 bales of cotton from Gojra at Rs 5450, 400 bales of cotton from Mongi Bangla at Rs 5450, 2000 bales of cotton from Faqir Wali at Rs 5400/5500, 2000 bales of cotton from Haroonabad at Rs 5400/5500, 400 bales of cotton from Hasil Pur at Rs 5500, 400 bales of cotton from Layyah at Rs 5500, 400 bales of cotton from Abdul Hakeem at Rs 5600, 400 bales of cotton from Yazman Mandi at Rs 5600, 400 bales of cotton from Fort Abbas at Rs 5700, 400 bales of cotton from Mitro at Rs 5800, 400 bales of cotton from Shujabad at Rs 5800, 400 bales of cotton from bales of cotton from Lodhran at Rs 5800, 1000 bales of cotton from Bahawal Pur at Rs 5800, 400 bales of cotton from Tonsa Sharif at Rs 5800, 1000 bales of cotton from Sadiqbad at Rs 5800, 1200 bales of cotton from Rahim Yar Khan at Rs 5800/6000, 600 bales of cotton from Ghazi Ghat at Rs 6000, 600 bales of cotton from Jatoi at Rs 6000, 1000 bales of cotton from Khan Pur at Rs 6000, 2000 bales of cotton from Ali Pur at Rs 6000, 1600 bales of cotton from Rajan Pur at Rs 6000 and 400 bales of cotton from Jalal Pur at Rs 6000 and 1000 bales of cotton from Mian Wali at Rs 6000, they said.
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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 09.01.2012
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37.324 Kgs 5,600 130 5,730 5,680 + 50
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Equivalent
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40 Kgs 6,002 130 6,132 6,078 + 54
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