Official spot rate, after maintaining a stable trend for a long time, dropped modestly on comfortable supply of seed cotton, dealers said on Thursday on the cotton market. The official spot rate was down by Rs 50 Rs 6850, they said. Prices of seed cotton in Sindh per 40 kg were inert at Rs 2200-2900, while in Punjab low type picked up Rs 100 to Rs 2900, while the best quality stayed put at Rs 3100, dealers said.
In the ready session, around 30,000 bales of cotton changed hands between at Rs 6100-7100, they said. According to the market sources, millers and spinners were active but some of them were not looking serious about the forward deals mainly because of steady arrivals of seed cotton. Besides, prices depict softness due to said reason, and falling trend on the NY cotton market is also a major factor behind the slide on the local market, cotton analyst, Naseem Usman said.
According to the Reuters, the NY cotton futures closed lower almost two percent and teetered close to the psychologically key 80-cent mark on Wednesday on technical selling, rising availability and minimal buying. Another 8,163 bales arrived in exchange warehouses on Tuesday, taking the total to 94,501, the highest since late July. Another 40,000 are awaiting review. Notching up its fourth straight day of losses, ICE's most-active December cotton contract closed down 1.76 cents, or 2 percent, at 80.69 cents a lb. It fell as low as 80.52, its lowest since February 4. For the second-month, it was the lowest since September 5.
The following deals were reported as 400 bales from Mirpurkhas at Rs 6100/6200, 400 bales from New Saeedabad at Rs 6700, 200 bales from Nawabshah at Rs 6800, 200 bales from Sakrand at Rs 6800, 2,200 bales from Khair Pur (BCI) at Rs 6850, 1,000 bales from Upper Sindh at Rs 6900/6950, 1,000 bales from Upper Sindh (BCI) at Rs 6950, 1,000 bales from Ahmed Pur at Rs 6950-6990, 400 bales from Silan Wali at Rs 6950, 400 bales from Shujabad at Rs 6950, 3,200 bales from Bahawal Pur at Rs 6950, 400 bales from Multan at Rs 6950, 1,600 bales from Faqir Wali at Rs 6950/6975, 400 bales from Garh Mor at Rs 6950, 400 bales from Daran Wala at Rs 6965, 6,000 bales from Haroonabad at Rs 6975, 1,000 bales from Bahawal Nagar at Rs 6975, 1,200 bales from Dera Ghazi Khan at Rs 6975, 600 bales from Vehari 6975-6985, 400 bales from Layyah at Rs 7000, 1200 bales from Ali Pur at Rs 7000, 400 bales from Yazman Mandi at Rs 7000, 400 bales from Shadan Lund at Rs 7000, 400 bales from Hasil Pur at Rs 7000, 1000 bales from Rahim Yar Khan at Rs 7000, 400 bales from Tonsa Sharif at Rs 7000, 800 bales from Bakhar at Rs 7050, 1,600 bales from Mian Wali at Rs 7100, they added.
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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 23.10.2013
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37.324 Kgs 6,850 155 7,005 7,055 -50
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Equivalent
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40 Kgs 7,341 155 7,550 7,550 -54
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