Rates depressed further on the cotton market on Tuesday after the Pakistan Cotton Ginners Association (PCGA) higher-than-expected phutti arrivals figures, dealers said. The official spot rate continued slide, falling by Rs 50 to Rs 4,900, they added. In the ready session, around 26,000 bales of cotton changed hands between Rs 4650-5125, they said. In Sindh, rates were unchanged at Rs 1700 and Rs 2400, in Punjab prices firmly held the overnight levels at Rs 2200 and Rs 2600, they said.
Some brokers said that the PCGA issued its fortnightly arrivals figure, higher than the last year's figure at 2.55 million bales of cotton. Other experts said that the world is struggling hard to come out wood, economic recovery looks not very easy under the circumstances. Demand is falling, on the one hand and the news that Japan slipped into the recession, causing shocks among the businessmen. Despite, rising production of cotton, the traders were facing several problems owing to load shedding of gas and power. They said that millers and spinners made regular purchasing to meet their requirements. The ginners may face more losses in times to come.
Reuters adds: Cotton futures were down on Monday, hovering near last week's five-year lows, under pressure as harvest ramps up in key producers. The most-active March cotton contract on ICE Futures US closed down at 0.53 cent, or 0.9 percent, at 59.10 cents a lb. The strong US dollar added pressure.
The following deals reported: 3000 bales from Khairpur at Rs 4650-4700, 200 bales from Mailsi at Rs 4850, 800 bales from Chistian at Rs 4850-4900, 1600 bales from Maroot at Rs 4900, 400 bales from Chichawatni at Rs 4900, 1400 bales from Bahawal Nagar at Rs 4900, 400 bales from Gojra at Rs 4900, 1000 bales from Hasilpur at Rs 4900, 400 bales from Mongi Bangla at Rs 4925, 400 bales from Dera Ghazi Khan at Rs 5000, 200 bales from Tonsa Sharif at Rs 5000, 1000 bales from Ghot Shah Muhammad at Rs 5000, 3000 bales from Ahmedpur at Rs 5000, 400 bales from Shadan Lund at Rs 5000, 400 bales from Yazman Mandi at Rs 5050, 6800 bales from Bahawalpur at Rs 5000-5050, 200 bales from Tonsa Sharif at Rs 5025, 800 bales from Layyah at Rs 5050, 3800 bales from Mianwali at Rs 5075-5125, 1000 bales from Rajanpur at Rs 5000-5100 and 600 bales from Rahim Yar Khan at Rs 5100, they added.
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The KCA Official Spot Rate for Local Dealings in Pakistan 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 17.11.2014
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37.324 Kgs 4,900 150 5,050 5,100 -50
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Equivalent
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40 Kgs 5,251 160 5,411 5,465 -54
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