Cotton prices also stabilised and quoted at Rs 1650-200 in Sindh and in Punjab were at Rs 1700-1950. Ginning has stopped for the time being at factories due to the rains in upcountry centres, brokers said.
Market sources said that activity was comparatively low as heavy rains continued in Punjab and Sindh also received some rains at the end of the year 2004 and beginning of the quota-free WTO era. Commenting on beginning of the WTO regime, Naseem Usman of the Karachi Cotton Brokers Association said "the government must provide us more facilities at port, give further incentives in power and some other concessions to face the competitions with Indian and Chinese cotton exports in the world markets".
He also said that the ginners were expecting that prices might depict further rise as recent rains in the country might hit the quality of cotton. Upward trend in the New York cotton futures was also a boosting factor for price flare-up, he added.
Analysts said that the New York cotton futures were up on speculative short-coverings and adding that the cotton market will remain closed on Friday in observance of New Year, which falls on Saturday. Trading resumes on Monday.
The New York Board of Trade's March cotton contract jumped 0.76 cent to end at 44.77 cents a lb, moving between 43 and 44.95 cents. It was the highest close for the contract since ending at 44.78 cents on November 30.
May contract rose 0.81 cent to 45.19 cents.
Following deals were reported: Some 9000 bales of cotton from upper Sindh finished at Rs 1975-2000, 1000 bales from Sadiqabad at Rs 1925, 600 bales from Muridwala at Rs 1900, 1000 bales from Bhawalpur at Rs 1950-1975, same figure from Rahimyarkhan at Rs 1950-1975 and 400 bales from Chichawatni at Rs 1700.
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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"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 1925.00 50 1975.00
Equivalent-------------------------------------------------
40 Kgs 2063.00 50 2113.00
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