Firmness prevailed on the cotton market on Saturday as prices maintained overnight levels in the process of lean business, dealers said. The official spot rate was maintained at overnight level at Rs 3,300, they said. Phutti prices in both Punjab and Sindh were at Rs 1600-1750, they added. The highest rate was at 3400 in the ready business, they added.
According to market sources, binola prices fell sharply to Rs 2850 from Rs 3550. Besides, to make up the short crop position, the mills have imported approximately 1.2 million bales cotton till December 2008, and they are also engaged in making deals for nearly 0.8 million bales more from the exporting countries, they said.
They said that the mills kept to sidelines due to quality factor as sporadic rains continued on the cotton producing areas. On the other hand, the ginners were coming ahead for selling after the import of fine cotton news, they said.
On Friday, NY cotton futures vaulted to a strong on fund and trade buying. The market will be closed on Monday for the Martin Luther King Jr holiday. Trading will reopen on Tuesday.
The March contract added 0.47 cent to close at 49 cents per lb, trading between 47.65 and 49.77 cents. It was the highest close for cotton on spot daily basis in a week. Volume in March was 8,160 lots at 2:44 pm EST (1944 GMT). The May contract rose 0.47 cent to end at 49.58 cents.
Following deals were reported: 1000 bales from Upper Sindh at Rs 3300, from Karor Pakka at Rs 3250, 400 bales from Jalalpur at Rs 3235, 400 bales from Ghazi Ghat at Rs 3400, 600 bales from Sadiqalibad at Rs 3200, and 600 bales from Burewala t Rs 3000.

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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     3,300.00      100                   3,400.00
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Equivalent
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40 Kgs         3,537.00      100                   3,637.00
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