Lean business was seen on the cotton market on Monday as most the buyers kept to sideline in expectations of further fall in the rates, dealers said. Karachi Cotton Association (KCA) official spot rate resisted further slide and maintained the weekend level at Rs 9,500 after steep gain in the NY cotton market, they said.
In Sindh and Punjab phutti price of low type was at Rs 2500 and that of superior type at Rs 3000, they said. In ready business above 400 bales of cotton changed hands between Rs 7,800-8000, they added. Market sources said that the ginners don't have enough unsold stock to sell and on the other hand, the mills were not showing any interest in purchasing of fine type.
They are still hoping for fall in the prices despite the fact that the country has to import cotton to meet the urgent needs, they said. The following deals were reported: 200 bales of cotton from Shahpur Chakar sold at Rs 8000, 120 bales of cotton from Tando Adam at Rs 7800 and 100 bales of cotton from Shujaabad at Rs 8000, they added.
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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 30.04.2011
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37.324 Kgs 9,500 120 9,620 9,620 NIL
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Equivalent
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40 Kgs 10,181 120 10,301 10,301 NIL
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