Phutti resisted sharp decline on the cotton market on Saturday in process of modest trading, dealers said. Official spot rate was unchanged at Rs 5650, they said. In the ready business, prices came down as nearly 5000 bales of cotton changed hands between Rs 5550-5725, they said. Prices of seedcotton in Sindh and Punjab were inert at Rs 2200-2500, they added.
Market sources said that generally trend was down as ginners were worried over fresh fall in prices. Naseem Usman said that despite the rains in the cotton belt, which caused disruption in the picking operations, rates should go up, instead coming down. He also said that exporters may enter market as a result of decline in rate, rains likely and this factor may dry up phutti supplies in the near future.
According to the Reuters, Cotton futures rose for a second-straight day on Friday, as fund interest remained strong on the back of a weaker dollar and prospects of further stimulus in the world's largest economy. The benchmark December cotton contract rose 0.31 cent to end at 76.30 cents per lb, after moving between 75.55 and 77 cents. ICE cotton futures volumes hit 14,300 lots in late New York business, more than 20 percent below the 30-day norm, according to preliminary Thomson Reuters data.
The following deals reported: 400 bales of cotton from Nooriabad at Rs 5650/5675, 400 bales of cotton from Hasil Pur at Rs 5550/5600, 200 bales of cotton from Vehari at Rs 5575, 600 bales of cotton from Burewala at Rs 5600/5700, 400 bales of cotton from Haroonabad at Rs 5600, 200 bales of cotton from Bahawal Nagar at Rs 5600, 200 bales of cotton from Gaggo Mandi at Rs 5625, 400 bales of cotton from Bakhar at Rs 5675/5725, 600 bales of cotton from Khanewal at Rs 5700/5725, 200 bales of cotton from Depal Pur at Rs 5700, 400 bales of cotton from Kabir Wala at Rs 5700 , 400 bales of cotton from Chichawatni at Rs 5700, 200 bales of cotton from Mian Chano at Rs 5725, 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 07.09.2012
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37.324 Kgs 5,650 130 5,805 5,805 NIL
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Equivalent
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40 Kgs 6,055 130 6,210 6,210 NIL
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