Prices were higher on the cotton market on Monday as exporters after a short break entered the market to finalise new deals, dealers said. The Karachi Cotton Association (KCA) spot rate was raised by Rs 100 to Rs 9,200. Seed cotton prices in Sindh and Punjab also gained the same amount at Rs 4000-4,300, they said. In ready business nearly 20,000 bales of cotton changed hand between Rs 9000-9500, they said.
Some experts said that the feature of the day was exporters' entry in the arena to meet the near-term demand. The mills were also active after long holidays, they said. After the India's new announcement in which it extended time for the exports of Indian cotton. Demand for Indian cotton has increased after bad weather hit cotton production in China and Pakistan, they said.
According to a report India will give exporters more time to ship an allotted 5.5 million bales after they missed this total by a December 15 deadline, government sources said. India, also the world's second biggest exporter of the fibre, had allowed exports of 5.5 million bales from November 1 to December 15, but exporters failed to ship the entire quantity after rains delayed arrivals in the spot market.
The following were deals reported: 1000 bales of cotton from Shahdad Pur sold at Rs 9200, 600 bales from Tando Adam at Rs 9200-9300, 2000 bales from Nawabshah at Rs 9200-9300, 800 bales from Mir Pur Khas at Rs 9200-9300, 1400 bales from Sanghar at Rs 9000-9200, 2000 bales from Upper Sindh at Rs 9500, 1800 bales from Hasil pur at Rs 9000, 400 bales from Bahawal Pur at Rs 9000, 400 bales from Faqir wali at Rs 9200, 800 bales from Haroonabad at Rs 9200, 800 bales from Jalal Pur at Rs 9200, 3400 bales of cotton from Rahim Yar Khan at Rs 9300-9500, 800 bales from Shujabad at Rs 9400, 400 bales from Liaquat Pur at Rs 9400, 1800 bales of cotton from Ahmed Pur at Rs 9400-9500 and 1000 bales from Ali pur 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 18.12.2010
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37.324 Kgs 9,200 120 9,320 9,220 +100
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Equivalent
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40 Kgs 9,860 120 9,980 9,872 +108
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