A persistent rise in phutti arrivals, pushed prices further down on the cotton market on Thursday, dealers said. Official spot rate continued fall, dropping more Rs 150 to Rs 5,250, they said. In the ready business, over 17000 bales of cotton changed hands between Rs 5100-5400, they said.
The Prices of seedcotton of low types in Sindh and the Punjab were unchanged at Rs 1800 while the best type at Rs 2300, they added. Some brokers said that mills and spinners were busy in routine buying as quality of seeds cotton improved and quality will show further improvement with the passage of time. The prices may come down in the coming days, other experts said and adding that mills were hopping an improvement in exports of textile despite the factor the world market is becoming so tough because of weak economic picture.
The exporting countries were under pressure as importing countries are not able to import products owing to bleak picture of global economy, other analysts observed. According to the Reuters, seasonal and speculative selling in cotton accelerated, sending futures contracts below 71 cents per pound for the first time since the start of August. Falling for a fifth straight session, New York-traded cotton for December delivery settled down 1.31 cent, or 1.8 percent, at 71.02 cents per lb on ICE Futures US, its lowest level since August 3. Prices briefly dipped as low as 70.98 cents. Volumes were healthy with almost 20,000 lots of the December contract changing hands on the day on hefty two-way action.
The following deals reported: 2000 bales of cotton Shahdad Pur at Rs 5250/5400, 2000 bales from Sanghar at Rs 5250/5350, 2000 bales from Tando Adam at Rs 5250/5400, 2000 bales from Mir Pur Khas at Rs 5000/5100, 200 bales from Gaggo Mandi at Rs 5100, 800 bales from Burewala at Rs 5000/5300, 400 bales from Arif Wala at Rs 5000, 200 bales from Chinoiot at Rs 5125, 600 bales from Vehari at Rs 5125/5300, 800 bales from Chichawatni at Rs 5150/5200, 400 bales from Haroonabad at Rs 5200, 600 bales from Bahawal Pur at Rs 5200, 200 bales from Hasil Pur at Rs 5200, 200 bales from Bakkhar at Rs 5200, 200 bales from Mian Wali at Rs 5200, 400 bales from Chistian at Rs 5250, 400 bales from Pir Mahal at Rs 5300, 400 bales from Gojra at Rs 5300, 600 bales from Khanewal at Rs 5300/5350, 200 bales from Mian Chano at Rs 5325, 200 bales from Kabbir wala at Rs 5400, 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 26.09.2012
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37.324 Kgs 5,250 155 5,405 5,555 -150
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Equivalent
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40 Kgs 5,626 155 5,781 5,942 -161
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