KCA Raised official spot rate by Rs 100 on Friday in the absence of normal trading activity due to strike, brokers said. The Karachi Cotton Association (KCA) spot rate was enhanced at Rs 9100, they said. Seeds cotton prices in Sindh and Punjab moved up at Rs 3,900-4,400, they said. Prices went up as over 7,000 bales of cotton changed hand between Rs 9100-9500, they added.
Some dealers, who were on the sidelines, said that all most all trading centres were closed countrywide, as strike call given by the religious parties and was supported by the traders and transporters. The strike called to protest against any amendment in the blasphemy law.
Commenting on the fresh developments on the cotton business they said that India has allowed for registration of cotton exports from December 31,2010 till January 6, 2011. They also said that it will deliver from January 25 to February 25, 2011. On Thursday the US cotton futures closed higher on speculative and possible mill buying as players adjusted positions one day before the end of a year in which prices charged to a 150-year high, analysts said.
The key March cotton contract on ICE Futures US rose 2.41 cents to finish at $1.4284 per lb, moving from $1.3755 to $1.4443. Volume was seen around 18,200 lots, about 20 percent below the 30-day norm of about 22,300 lots, Thomson Reuters preliminary data showed.
The following deals were reported : 800 bales of cotton from Shahdad Pur sold at Rs 9100, 1000 bales of cotton from Nawabshah at Rs 9100-9200, 1000 bales of cotton from Khair Pur at Rs 9400-9500, 2000 bales of cotton from Upper Sindh at Rs 9450-9500, 400 bales of cotton from Fort Abbas at Rs 9300, 400 bales of cotton from Mongi Bangla at Rs 9300, 400 bales of cotton from Sadiqabad at Rs 9500, 1000 bales of cotton from Rahim Yar Khan at Rs 9400-9500, 400 bales of cotton from Shujabad at Rs 9500.
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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 30.12.2010
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37.324 Kgs 9,100 120 9,220 9,120 +100
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Equivalent
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40 Kgs 9,752 120 9,872 9,765 +107
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