Seedcotton prices move up amid improved business on cotton market
Seedcotton prices were higher on the cotton market on Thursday amid improvement in daily-intake as ginners adopted flexible attitude to make the deals, dealers said. The official spot rate was unchanged at Rs 5,200, they said. Prices of seedcotton in Sindh were at Rs 1700-2300 and in the Punjab at Rs 1800-2600, they said.
In ready dealings visible improvement was seen as over 9000 bales of cotton changed hands at Rs 3400-5700, they added. According to the market sources, some ginners took interest in fresh selling, which helped increase in the business volume. The mills and spinners grabbed the lots following the rumours of less phutti arrivals this week, they said.
Indian next move was under discussion in the market talks, but in a minor way because buyers are facing financial problems due to fall in exports and failure to comply with the in hand export orders on time due to gas and power shortage locally, they added.
On Tuesday the NY cotton futures finished lower on investor sales but trade and consumer buying helped the market rebound from a key support area, analysts said. The benchmark May contract on ICE Futures US fell 0.90 cent to finish at 87.14 cents per lb, dealing from 87.05 to 88.59 cents. Volume traded during the day came to nearly 15,000 lots, almost 40 percent under the 30-day norm, Thomson Reuters data showed, adds Reuters.
The following deals were reported: 800 bales of cotton from Mir Pur Khas sold at Rs 4300-4600, 400 bales of cotton from Tando Adam at Rs 4600, 200 bales of cotton from AKRI at Rs 5150, 400 bales of cotton from Saleh Pat at Rs 5400, 400 bales of cotton from Chichawatni (low quality) at Rs 3400, 400 bales of cotton from Kassowal (low quality) at Rs 3700, 200 bales of cotton from Hasil Pur at Rs 5000, 400 bales of cotton from Karor Pakka at Rs 5150, 400 bales of cotton from Burewala at Rs 5200, 200 bales of cotton from Bahawal Pur at Rs 5450, 200 bales of cotton from Jahanian at Rs 5400, 400 bales of cotton from Ghazi Ghat at Rs 5475, 400 bales of cotton from Muhammad Pur at Rs 5475, 1200 bales of cotton from Rahim Yar Khan at Rs 5450, 600 bales of cotton from Dera Ghazi Khan at Rs 5475-5500, 400 bales of cotton from Rahim Yar Khan at Rs 5550, 400 bales of cotton from Khan Pur at Rs 5550, 400 bales of cotton from Kabbir Wala at Rs 5575, 800 bales of cotton from Mian Wali at Rs 5600/5700.
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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 14.03.2012
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37.324 Kgs 5,200 130 5,330 5,330 NIL
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Equivalent
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40 Kgs 5,573 130 5,703 5,703 NIL
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