Most of the leading buyers were on the sidelines as ginners started raising asking prices due to diminishing stock of fine type with the ginners, dealers said on Friday. The official spot rate was unchanged at Rs 4,950, dealers said. In the ready session, around 10,000 bales of cotton changed hands between Rs 4400 and Rs 5200, they said.
Prices of seed cotton in Sindh were unchanged at Rs 1800 and 2350 while in the Punjab phutti rates were at Rs 2000 and Rs 2600, dealers said. Market sources said that mills and spinners were taking interest in purchasing of lint cotton but the ginners were not ready to oblige them below the psychological levels.
Cotton analyst, Naseem Usman sharing the same views said that falling stock of unsold cotton of fine type is inducing mills to make new deals but the ginners, who were already suffering from losses due to high cost of production, they were unable to finalise deals at lower rates, they said.
Reuters adds: ICE cotton settled lower on Thursday after late-session profit-taking knocked prices off their highest levels in five months, offsetting healthy export sales data that fuelled optimism about foreign demand and dwindling supplies. The most-active May cotton contract on ICE Futures US eased 0.34 cent, or 0.5 percent, to settle at 65.21 cents a lb, after rising to as high as 66.24 cents, the loftiest since September 15, about an hour before the close.
The following deals reported: 1100 bales from Nooriabad at Rs 4400, 400 bales from Pir Mehal at Rs 4600, 800 bales from Haroonabad at Rs 4750-4850, 400 bales from Dunyapur at Rs 4825, 600 bales from Fort Abbas at Rs 4850, 1000 bales from Faqirwali at Rs 4850-4950, 600 bales from Shujabad at Rs 4900, 400 bales from Basti Malook at the same rate, same figure from Multan at the equal amount, 500 bales from Burewala at Rs 4950, 400 bales from Qutabpur at Rs 5090, 600 bales from Layyah at Rs 5100, 800 bales from Yazman Mandi at the same rate, 400 bales from Khanewal at Rs 5150, 1000 bales from Sadiqabad at Rs 5150-5200 and same number from Alipur at Rs 5200, 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 24.02.2015
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37.324 Kgs 4,950 150 5,100 5,100 NIL
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Equivalent
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40 Kgs 5,305 160 5,465 5,465 NIL
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