Spot rate moved up on persistent mills' buying on cotton market
Strong mills demand pushed up spot rate by Rs 50 on cotton market on Monday in process of trading, dealers said. The Karachi Cotton Association (KCA) official spot rate was raised by Rs 50 Rs 6,300, they said. Prices of seed-cotton in Sindh were unchanged at Rs 2300-2800 and rates in Punjab were at Rs 2400-3000, they said.
In ready dealings approximately 16,000 bales of cotton changed hands between Rs 5500-6,500, they added. Some brokers said that the mills were active to cover the pre-Eid buying in anticipation of non-availability of transport before Eid-ul-Azha holidays.
Naseem Usman said that it is expected to show about 4.5 million bales of cotton arrival in the Pakistan Cotton Ginners Association (PCGA) fortnightly report. The ginners, are not trying to raise asking prices and selling unsold stock at the reasonable prices, dealers said.
The following deals were reported: 400 bales of cotton from Tando Adam sold at Rs 5500, 2000 bales of cotton from Khair Pur at Rs 6250, 2000 bales of cotton from Upper Sindh at Rs 6250/6300, 2000 bales of cotton from Ali Pur at Rs 6300, 1200 bales of cotton from Arif wala at Rs 6200/6300, 1600 bales of cotton from Bahawal Pur at Rs 6300, 400 bales of cotton from Chichawatni at Rs 6350, 400 bales of cotton from Vehari at Rs 6350, 400 bales of cotton from Rahim Yar Khan at Rs 6375, 200 bales of cotton from Jhang at Rs 6375, 1000 bales of cotton from Burewala at Rs 6400, 1000 bales of cotton from Shadan Lund at Rs 6400, 200 bales of cotton from Karam Pur at Rs 6400, 400 bales of cotton from Layyah at Rs 6400, 1000 bales of cotton from Khanewal at Rs 6400/6450, 1200 bales of cotton from Rajan Pur at Rs 6475/6500 and 600 bales of cotton from Fazil Pur at Rs 6475.
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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 15.10.2011
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37.324 Kgs 6,300 130 6,430 6,380 +50
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Equivalent
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40 Kgs 6,752 130 6,882 6,828 +54
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