Spot rate curtailed to Rs 6,100 amid falling demand on cotton market
Official spot rate was reduced on the cotton market on Monday following the increase in phutti arrivals and mills cautious attitude towards fresh buying, dealers said. The Karachi Cotton Association (KCA) official spot rate was declined by Rs 200 to Rs 6,100, they said. Prices of seedcotton in Sindh were at Rs 2200-2700 and rates in Punjab were at Rs 2000-2900, they said.
In ready dealings, over 7,000 bales of cotton changed hands between Rs 5,600-6,400, they said. According to the market sources in the absence of proper demand by the mills and spinners prices came down and it looks that the rates may not fluctuate sharply in the near future.
They also said that phutti arrivals were up and this is the main factor, which caused decline in the prices and volume of business. Markets in China were closed due to local holiday, they said. The following deals were reported: 200 bales of cotton from Tando Adam at Rs 5600, 1000 bales from Upper Sindh at Rs 6200, 1000 bales of cotton from Khair Pur at Rs 6200, 800 bales from Vehari at Rs 5700-6100, 200 bales from Jahanian at Rs 5800, 400 bales of cotton from Haroonabad at Rs 5850-6200, 200 bales from Main Chanun at Rs 6000, 200 bales from Darhanwala at Rs 6050, 200 bales from Mamo Kanjan at Rs 6075, 1000 bales from Burewala at Rs 6100-6400, 200 bales from Hasil Pur at Rs 6200, 200 bales from Bakkhar at Rs 6200, 200 bales from Yazman Mandi at Rs 6200, 200 bales from Gajjo Mandi at Rs 6250, 200 bales from Adda Floor at Rs 6250, 400 bales from Tonsa Sharif at Rs 6300, 400 bales from Lodhran at Rs 6250-6300, 200 bales from Shadan Lund at Rs 6300 and 200 bales from Mianwali at Rs 6400.
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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 01.10.2011
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37.324 Kgs 6,100 130 6,230 6,530 -200
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Equivalent
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40 Kgs 6,537 130 6,667 6,989 -215
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