Spot rate declined sharply because of easy supply of phutti, dealers said on the cotton market on Tuesday. The official spot rate fell sharp by Rs 100 to Rs 6,450, they said. Price of seed cotton in Sindh per 40 kg were inert at Rs 1800-2800 and, in Punjab rates were same at Rs 2600-3000, dealers said. In the ready session, about 28,000 bales of cotton changed hands between at Rs 6250-6700, they said.
Cotton analyst, Naseem Usman said that upward trend in the NY cotton future, slight rise in cotton demand in China helped the prices in the local market to sustain present levels. But on the other hand, suspension of gas supply for three months is not an encourage news for the textile industry, other experts said. This would bring down trading activity and create unemployment in the country, they said.
According to Reuters, cotton futures ended little-changed on Tuesday in spread-related dealings ahead of the December contract's expiry and under harvest pressure. The most-active March cotton contract on ICE Futures US reversed earlier gains to close down 0.15 cent, or 0.2 percent, at 77.56 cents a lb, hovering near last week's ten-month low of 77.37 cents.
The spot December cotton contract on ICE Futures US eased 0.49 cent, or 0.6 percent, to finish at 75.88 cents a lb, nearing its December 6 expiry. Cotton performed in line with broader commodities markets, as the Thomson Reuters/Core Commodity CRB index touched the lowest level in more than a year. Exchange stocks continued their climb to the highest levels since July, with inventories totalling 208,471 bales on Monday, according to the most recent ICE data.
The following deals reported as 1000 bales from Jhole at Rs 6250, 400 bales from Sanghar at Rs 6250, 3000 bales from Khair Pur (BCI) at Rs 6450, 1000 bales from Upper Sindh (BCI) at Rs 6450/6500, 400 bales from Vehari at Rs 6400, 400 bales from Arif wala at Rs 6425, 800 bales from Daran wala at Rs 6450, 2000 bales from Haroonabad at Rs 6450, 600 bales from Chistian at Rs 6450, 600 bales from Bahawal Nagar at Rs 6450, 1600 bales from Faqir wali at Rs 6450, 600 bales from Khichiwala at Rs 6450, 400 bales from Bahawal Pur at Rs 6450, 1000 bales from Khanewal at Rs 6450/6650, 400 bales from Lodhran at Rs 6475, 400 bales from Yazman Mandi at Rs 6490/6500, 400 bales from Kabir wala at Rs 6500, 400 bales from Hasil Pur at Rs 6500, 800 bales from Fort Abbas at Rs 6500-6550, 400 bales from Jalal Pur at Rs 6550, 1000 bales from Shujabad at Rs 6550, 800 bales from Rahim Yar Khan at Rs 6550, 1000 bales from Shehar Sultan at Rs 6575, 1800 bales from Layyah at Rs 6600, 400 bales from Shah Jamal at Rs 6600, 600 bales from Ali Pur at Rs 6600, 400 bales from Chani Goth at Rs 6600, 1400 bales from Liaquat Pur at Rs 6600, 800 bales from Khan Pur at Rs 6600, 1000 bales from Mian wali at Rs 6650, 1000 bales from Rajan Pur at Rs 6700 and 800 bales from Fazil Pur 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 19.11.2013
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37.324 Kgs 6,450 155 6,605 6,705 -100
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Equivalent
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40 Kgs 6,912 155 7,067 7,175 -108
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