Prices showed no sharp decline on the cotton market on Friday despite increase in the phutti arrivals with the passage of time, dealers said. The official spot rate was unchanged at Rs 6100, they said. In the ready business, over 4500 bales of cotton changed hands between Rs 6100-6350, they said.
The prices of seedscotton were modestly up in Sindh at Rs 2650-2750 and in Punjab rates were at Rs 2750-2850, they added. Commenting on the steady arrivals of phutti Naseem Usman said that approximately 2,500 bales are reaching the ginneries on the daily basis as a result ginning factories have started operation in both the Punjab and Sindh.
"Cotton sowing is on full swinging and if weather will be favourable for the standing cotton crop, it is most likely that we may achieve target for the current season", Naseem Usman said. According to the Reuters, the NY cotton futures finished weaker on Thursday on investor liquidation as a firmer dollar and sour tone to commodity markets depressed fibre contracts for the first time in five sessions and is seen keeping cotton on the defensive, analysts said.
The benchmark December cotton contract on the ICE Futures US exchange fell 2.02 cents or by 2.8 percent to finish at 70.58 cents per lb, dealing from 70.31 to 72.75 cents. Volume traded on Thursday stood at almost 13,000 lots, almost two-thirds under the 30-day norm, Thomson Reuters data showed. The following deals were reported: 200 bales of cotton from Sanghar sold at Rs 6100, 200 bales of cotton from Tando Adam at Rs 6150, 400 baels of cotton from Bahawal Nagar at Rs 6200, 200 bales of cotton from Chistian at Rs 6200, 600 bales of cotton from Shujabad at Rs 6250, 200 bales of cotton from Burewala at Rs 6250/6275, 200 bales of cotton from Khanewal at Rs 6250-6300, 100 bales of cotton from Arif Wala at Rs 6300, 1000 bales of cotton from Haroonabad at Rs 6300 and 200 bales of cotton from Burewala at Rs 6350.
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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 05.07.2012
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37.324 Kgs 6,100 130 6,230 6,230 NIL
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Equivalent
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40 Kgs 6,537 130 6,667 6,667 NIL
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