Volume of business dropped further as millers and spinners did not take interest in fresh buying ahead of the fortnightly Pakistan Cotton Ginners Association (PCGA) phutti arrivals data, dealers said on the cotton market on Saturday. The official spot rate retained overnight level at Rs 6550, they said. Prices of seed cotton in Sindh per 40 kg were unchanged at Rs 1800-2800, in Punjab rates also showed no change at Rs 2600-2950, dealers said.
In the ready session, around 13,000 bales of cotton changed hands between Rs 5,200-6700, they said. Some brokers said that all buyers, particularly exporters were on the sideline most of the time in expectations of fall in the rates. Cotton analyst, Naseem Usman said that the people have mixed views about the PCGA report. He said that after Divali holidays, trading activity may pick up but prices are likely to trade in the negative territory due to steady supply.
According to the Reuters, the NY cotton futures closed down for an 11th straight session on Friday as growing supplies have driven investor selling, signalling the end of the speculator-driven rally that lifted cotton to 94-cent high earlier this year. The most-active December cotton contract on ICE Futures US edged down 0.6 cent, or 0.8 percent, to settle at 76.58 cents a lb. The spot contract hit an intraday low of 76.54 cents a lb, the weakest level since January, after posting an 11.5 percent loss in September.
The following deals reported as 1200 bales of cotton from Mirpurkhas at Rs 5200-5600, 400 bales from Kazi Ahmed at Rs 6400, 800 bales from Khairpur at Rs 6500, 600 bales from Upper Sindh at Rs 6550, 400 bales from Khairpur (BCI) at Rs 6625, 400 bales from Upper Sindh (BCI) at Rs 6625, 1000 bales from Khanewal at Rs 6550-6575, 400 bales from Hasilpur at Rs 6575, 400 bales from Kabir Wala at Rs 6575, 400 bales from Vehari at Rs 6600, 800 bales from Tonsa Sharif at Rs 6600, 400 bales from Lodhran at Rs 6600, 1600 bales from Rahim Yar Khan at Rs 6600-6650, 800 bales from Faqir Wali at Rs 6600, 400 bales from Jalalpur at Rs 6600, 400 bales from Mian Chano at Rs 6600, 400 bales from Yazman Mandi at Rs 6600, 400 bales from Mohammadpur Dewan at Rs 6650, 1000 bales from Rajanpur at Rs 6650-6700, 800 bales from Fazilpur at Rs 6700 and 600 bales from Rajanpur at Rs 6700, 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 01.11.2013
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37.324 Kgs 6,550 155 6,705 6,705 NIL
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Equivalent
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40 Kgs 7,020 155 7,175 7,175 NIL
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