Steady trend was witnessed on the cotton market on Monday as mills preferred to be on the sidelines to see fresh developments in the near future, dealers said. Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 11,500, they said. Phutti prices in Sindh and Punjab maintained last week level at Rs 4500-5500, they said. In the ready business about 8,000 bales of cotton changed hands between Rs 11,300-12,500, they added.
Some brokers said that trading activity was modest as main participants were watching fresh developments after fall in China and cotton market was also depressed in NY may be because of profit-taking. Other analysts said that it is an anticipation that the NY cotton futures may hit new record at two dollars this week.
Meanwhile, the experts were of the view that most of the buyers were fed up with present price race. Now it looks that buyers are tired and fail to track the present trend in the market. The following deals were reported : 400 bales of cotton from Nawabshah at Rs 12000, 600 bales of cotton from Mir Pur Mathelo at Rs 12000, 1400 bales of cotton from Bakkhar at Rs 11300, 1000 bales of cotton from Faqirwali at Rs 11500, 1000 bales of cotton from Mianwali at Rs 12000, 1000 bales of cotton from Lodhran at Rs 12000, 1000 bales of cotton from Noor Pur at Rs 12000, 400 bales of cotton from Shadan Lund at Rs 12500.
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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 12.02.2011
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37.324 Kgs 11,500 120 11,620 11,620 NIL
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Equivalent
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40 Kgs 12,325 120 12,445 12,445 NIL
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