Prices fell marginally on the cotton market on Thursday as mills demand came down slightly due to earlier increase, dealers said. The official spot rate was unchanged at Rs 3450, they said. Phutti prices in Sindh were at Rs 1650-1700 and in Punjab prices were at 1500-1650, (per 40 kg), they added.
Market sources said that the exporters entered the market and made some buying due to upward trend in the dollar rate, it is most likely that they may show further interest in new purchase. The mills were active and making new purchase in anticipation of better return in the coming days, they added.
On Wednesday the NY cotton futures ended slightly lower on sales by small investors as most of the trade mulled whether a rescue plan to stabilise financial markets will work, brokers said. The benchmark December cotton contract shed 0.05 cent to end at 50.17 cents per lb, dealing from 50.15 to 52.42 cents.
On Friday, the contract slid the 3.00-cent limit to end at 49.44 cents in the lowest finish on the spot weekly charts since the middle of May 2007. March eased 0.02 cent to end at 54.59 cents. Volume traded in the December contract stood at 9,460 lots at 2:32 pm (1832 GMT)
THE FOLLOWING DEALS WERE REPORTED: 3000 bales of cotton from Shahdadpur sold at Rs 3400-3500, 3000 bales from Tando Adam at Rs 3400/3500, 2000 bales from Sanghar at Rs 3400, 1600 bales from Mirpurkhas at Rs 3300/3450, 600 bales from Hyderabad at Rs 3400-3450, 1200 bales from Nawabshah at Rs 3500/3525, 1400 bales from Bhawalpur at Rs 3525, 800 bales from Khanewal at Rs 3500, 1200 bales from Rajanpur at Rs 3500, 400 bales from Fazilpur at Rs 3500, 400 bales from Haroonabad at Rs 3500, 400 bales from Rahim Yar Khan at Rs 3500, 400 bales from Leyyah at Rs 3500, 200 bales from Arifwala at Rs 3500, 200 bales from Londran at Rs 3500, 200 bales from Jampur at Rs 3500, 200 bales from Mian Channu at Rs 3500, 600 bales from Burewala at Rs 3500, 600 bales from Ahmedpur at Rs 3500, 200 bales from Sadiqabad at Rs 3500, 600 bales from Mongi Bangla at Rs 3500, 1200 bales from Chichawatni at Rs 3500, 200 bales from Renala Khurd at Rs 3500, 400 bales from Dera Ghazi Khan at Rs 3500 and 2400 bales from Gojjo Mandi at Rs 3485/3500, they said.
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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"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.324 Kgs 3,450.00 100 3,550.00
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Equivalent
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40 Kgs 3,697.00 100 3,797.00
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