Rates moved modestly higher on the cotton market on Friday as spinners and mills continued buying on expectations of increase in foreign demand, dealers said. The official spot rate was raised by Rs 100 to Rs 5,600, they said. Prices of seedcotton in Sindh were higher at Rs 2100-2300 and in the Punjab at Rs 2300-2600, they said.
In ready dealings, about 17,000 bales of cotton changed hands at Rs 4,400-5800, they added. According to the market sources, in anticipation of rise in foreign demand buyers showed fresh interest in dealing. Other factor is that despite the rise in cotton production this year, the ginners were not looking interested in lowering the rates especially for the fine types, they added.
Reuters adds: On Thursday the NY cotton futures settled slightly firmer on investor buying as the market appears to be consolidating ahead of a government sales report on Friday, analysts said. Benchmark March cotton futures rose 0.64 cent to end at 98.17 cents per lb, moving from 96.76 to 98.50 cents.
The close was within a hair of the Tuesday close in the contract of 98.19 cents, the highest settlement for the spot contract since mid-November, Thomson Reuters data showed. Volume on Thursday hit almost 14,500 lots, less than two percent above the 30-day norm, according to preliminary Thomson Reuters data.
The following deals were reported: 400 bales of cotton from Tando Adam sold at Rs 4400, 400 bales of cotton from Mir Pur Khas at Rs 4400, 400 bales of cotton from Sultanabad at Rs 4400, 400 bales of cotton from Ghotki at Rs 5550, 200 bales of cotton from Saleh Patat Rs 5600, 400 bales of cotton from Panu Aqilat Rs 5600, 400 bales of cotton from Dehrki at Rs 5600, 600 bales of cotton from Haroonabad at Rs 5200/5300, 800 bales of cotton from Multan at Rs 5400/5600, 200 bales of cotton from Maroot at Rs 5400, 1000 bales of cotton from Khanewal at Rs 5500/5750, 800 bales of cotton from Yazman Mandi at Rs 5500, 400 bales of cotton from Fort Abbas at Rs 5500, 600 bales of cotton from Rahim Yar Khan at Rs 5600, 800 bales of cotton from Sadiqabad at Rs 5600, 400 bales of cotton from Rajan Pur at Rs 5600, 400 bales of cotton from Lodhran at Rs 5600, 800 bales of cotton from Kabir Wala at Rs 5600/5750, 1200 bales of cotton from Bahawal Pur at Rs 5600, 1000 bales of cotton from Noor Pur at Rs 5600, 1600 bales of cotton from Liaquat Pur at Rs 5600, 400 bales of cotton from Jalal Pur bales of cotton from 5600, 600 bales of cotton from Sujabad at Rs 5600, 800 bales of cotton from Shehar Sultan at Rs 5600, 400 bales of cotton from Jatoi at Rs 5600, 800 bales of cotton from Ahmed Pur at Rs 5600/5700, 1000 bales from Ghazi Ghat at Rs 580.
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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 19.01.2012
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37.324 Kgs 5,600 130 5,730 5,630 +100
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Equivalent
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40 Kgs 6,002 130 6,132 6,024 +108
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