Steadier trend was again witnessed on the cotton market on Saturday in process of modest trading, dealers said. The official spot rate was unchanged at Rs 5400, they added. Prices of seedcotton in Sindh were inert at Rs 1700-2300 and in the Punjab at Rs 2000-2700, they said.
Approximately 4000 bales of cotton changed hands between Rs 4000-6100, they added. According to the market sources the factual position is that the ginners do not have enough stock of fine quality, causing an increase in the prices and may bring further stability in the prices in the coming days.
Besides, China was busy in cotton buying from different sources and India has stopped exports of cotton to build its reserves, these factors causing firmness in the rates, they said. According to the Reuters the US commodity and financial markets, including NY cotton market were closed on Friday for the Good Friday holiday, and will reopen on Monday.
The following deals were reported: 200 bales of cotton from Tando Adam sold at Rs 4300-4500, 600 bales of cotton from Shahdad Pur at Rs 4000, 800 bales of cotton from Dharki at Rs 5500, 400 bales of cotton from Yazman Mandi at Rs 5500, 400 bales of cotton from Shujaabad at Rs 6000 and 2200 bales of cotton from Sadiquabad at Rs 6000-6100.
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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 06.04.2012
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37.324 Kgs 5,400 130 5,530 5,530 NIL
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Equivalent
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40 Kgs 5,787 130 5,917 5,917 NIL
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