Prices of seeds cotton drifted lower on the cotton market on Thursday in the process of moderate activity, dealers said. Official spot rate maintained the overnight level at Rs 5,850, they said. In the ready business, over, 26,000 bales of cotton changed hands between Rs 5600-6200, they said.
Prices of low variety of seeds cotton in Sindh were down by Rs 50 to Rs 2550, while, rates of fine type held the overnight level at Rs 2750, low type seeds cotton prices in the Punjab were unchanged at Rs 2600, in the meantime best quality was lower by Rs 100 to Rs 2850, they said. A tug-of-war over prices continued between the mills and spinners amid easy supply of phutti, brokers said.
It was noted that the growers and ginners were not ready to lower the asking prices, in the meantime, the mills were preferring to import cotton owing to good quality at the reasonable, they said. According to the Reuters, the US cotton futures hit three-and-a-half month lows on Wednesday as investors pulled cash from commodity and financial markets amid renewed fears about the state of the US economy after US President Barack Obama's re-election.
Fibers were hit as investors fretted that demand could weaken further if the world's largest economy stutters again. "Textile and apparel consumption is usually hit harder than the rest of spending during a downturn," cautioned INTL FCStone analysts. Remaining below all the main moving averages, the most-active December cotton contract on ICE Futures US settled 0.4 percent lower at 69.83 cents per lb. That was its lowest settlement since July 25 and just shy of its intraday low.
Following deals report: 200 bales of cotton from Shahdadpur at Rs 5700, 200 bales from Mir Pur Khas at Rs 5750, 1000 bales from Sanghar at Rs 5750-5800, 2600 bales from Khairpur at Rs 5800-6000, 1000 bales from Upper Sindh at Rs 6000, 200 bales from Gojra at Rs 5800, 400 bales from Mian Chano at Rs 5800, 400 bales from Tonsa Sharif at Rs 5800, 2400 bales from Hasilpur at Rs 5800-5900, 3200 bales from Haroonabad at Rs 5850-6050, 400 Chani Goth at Rs 5875, 600 bales from Ahmedpur at Rs 5875-5900, 400 bales from Chichawatni at Rs 5900, 1000 bales from Burewala at Rs 5900, 200 bales from Khanewal at Rs 5900, 1000 bales from Rahim Yar Khan at Rs 5950-6000, 400 bales from Liaquatpur at Rs 5950-6000, 600 bales from Khan Pur at Rs 5950-6000, 600 bales from Faqir Wali at Rs 5950-6000, 800 bales from Fazilpur at Rs 6000-6175, 2600 bales from Pak Pattan at Rs 6000, 400 bales from Dera Ghazi Khan at Rs 6000, 400 bales from Layyah at Rs 6000 and 2200 bales from Mianwali at Rs 6000/6125, 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 07.11.2012
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37.324 Kgs 5,850 155 6,005 6,005 NIL
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Equivalent
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40 Kgs 6,269 155 6,424 6,424 NIL
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