Mills and spinners showed some interest in fresh buying on the cotton market on Saturday in process of activity, dealers said. The official spot rate was inert at Rs 5,800, they said. Prices of seedcotton in Sindh were at Rs 1900-2400 and in the Punjab at Rs 2200-2750, they said. In ready dealings, about 8000 bales of cotton changed hands at Rs 4,600-5800, they added.
Market sources said that falling demand in the foreign and local markets, pushed prices lower and it looks that rates may not fluctuate sharply in the coming days. The price war continues between ginners and mills as the buyers are keen to buy cotton as much as lower rates but the sellers did not show any interest in selling, they said.
Reuters adds: On Friday, the NY cotton futures ended marginally firmer as fibre contracts rose for the first time in three sessions, although the market stayed range-bound while looking toward developments which could spur business next week, analysts said. Benchmark March cotton on ICE Futures US rose 0.02 cent to finish at 95.61 cents per lb, moving from 95.30 to 96.49 cents. It was an inside day for the second straight session since the range was within Thursday's 95.29 to 97.41 cents band. On the week, the market was down 2.6 percent. Volume on Friday amounted to more than 13,500 lots, over 15 percent below the 30-day norm, according to preliminary Thomson Reuters data.
The following deals were reported: 1200 bales of cotton from Mir Pur Khas sold at Rs 4600/4650, 400 bales of cotton from Saleh Pat at Rs 5750, 400 bales of cotton from Khuzdar at Rs 5875, 200 bales of cotton from Shujabad at Rs 5400, 400 bales of cotton from Faqir Wali at Rs 5400, 200 bales of cotton from Haroonabad at Rs 5400, 200 bales of cotton from Chani Goth at Rs 5500, 400 bales of cotton from Vehari at Rs 5500, 400 bales of cotton from Multan at Rs 5500, 200 bales of cotton from Chinut 5500, 400 bales of cotton from Fort Abbas at Rs 5600, 400 bales of cotton from Bahawal Pur at Rs 5600, 400 bales of cotton from Lodhran at Rs 5700, 400 bales of cotton from Shujabad at Rs 5700, 800 bales of cotton from Rahim Yar Khan at Rs 5700/5800, 400 bales of cotton from Shor Kot at Rs 5800, 800 bales of cotton from Sadiqabad at Rs 5800.
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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 27.01.2012
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37.324 Kgs 5,800 130 5,930 5,930 NIL
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Equivalent
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40 Kgs 6,216 130 6,346 6,346 NIL
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