Prices showed slight fall on the cotton market on Friday amid extended arrivals of phutti and it is also expected that the rates may continue to fall further in the coming days, dealers said. The official spot rate was unchanged at Rs 5600, they said.
In the ready business over 12,000 bales of cotton changed hands between Rs 5475-5700, they said. The price of seedcotton in Sindh low type was at Rs 2600 and best quality was at Rs 2625, in the Punjab rates were at Rs 2100 2400, they added. Market sources said that phutti arrivals are on peak as weather is favourable and crop condition is good, cotton growers were expecting monsoon rain may not damage cotton crop. In Punjab, quantity is better-than-expected but best quality cotton from Sindh is short in supply, they said.
Exporters are enquiring about the rates but not finalising any deal, probably they are waiting further decline in the rates. According to the Reuters, the NY cotton futures closed higher on Thursday, snapping three days of losses after approaching one-month lows a day earlier as India's government warned of the possibility of a drought in one of the world's largest fiber producers. The benchmark December cotton contract on ICE Futures US rose 1.88 cents or 2.7 percent to settle at 71.39 cents per lb, trading between 69.51 cents and 72.08 cents. Wednesday's settlement was the lowest in almost a month, Thomson Reuters data showed.
The following deals were reported: 600 bales of cotton from Sanghar sold at Rs 5600-5700, 1200 bales of cotton from Shahdad Pur at Rs 5650/5700, 200 bales of cotton from Tando Mohammad Khan at Rs 5650, 200 bales of cotton from Khipro at Rs 5650, 600 bales of cotton from Tando Adam at Rs 5650-5700, 400 bales of cotton from Matyari at Rs 5625-5650, 400 bales of cotton from Nooriabad at Rs 5650-5700, 600 bales of cotton from Mir Pur Khas at Rs 5600-5700, 200 bales of cotton from Hasil Pur at Rs 5550, 1000 bales of cotton from Gajjo Mandi at Rs 5550, 1200 bales of cotton from Burewala at Rs 5550, 600 bales of cotton from Arifwala at Rs 5550, 600 bales of cotton from Sahiwal at Rs 5475-5550, 600 bales of cotton from Bahawal Nagar at Rs 5500-5550, 200 bales of cotton from Jhanian at Rs 5500, 400 bales of cotton from Khanewal at Rs 5550, 200 bales of cotton from Shujabad at Rs 5500, 200 bales of cotton from Garh Maharaja at Rs 5600, 200 bales of cotton from Jhang at Rs 5600, 200 bales of cotton from Sadiqabad at Rs 5600.
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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 26.07.2012
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37.324 Kgs 5,600 130 5,730 5,730 NIL
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Equivalent
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40 Kgs 6,002 130 6,132 6,132 NIL
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