In the ready business cotton prices in Sindh were down by Rs 50 to Rs 2175-2300 and in Punjab were lower by Rs 25 to Rs 2325-2350.
Phutti prices in Sindh also followed suit at Rs 1025-1075, in Punjab the prices were down by Rs 25 to Rs 1075-1100, dealers said.
According to the market sources, bearish trend in the NY cotton futures and positive trend in the cotton production locally propelled the mills to be on the sidelines in the absence of guiding factor.
They said that the mills have bought enough cotton to meet the urgent needs, not taking interest in fresh buying as prices are on the downward after the PCGA arrival report.
Under the circumstances, ginners were trying to sell the stock at the present prices but the mills were not prepared to oblige them in anticipation of further fall in the prices in days to come, they added.
ACCORDING TO THE REUTERS: the New York Board of Trade's key December cotton contract lost 1.08 cents to end at 54.29 cents a lb., moving between 53.57 and 55 cents. It was the lowest close for cotton on a spot basis since trading near 52 cents in October.
March shed 1.01 cents to 56.14 cents. Distant contracts declined from 0.80 cent to 1.00 cent.
FOLLOWING DEALS WERE REPORTED: 200 bales of cotton from Mirpurkhas at Rs 2260, 1000 bales from Sanghar at Rs 2275-2300, 800 bales from Nawabshah at Rs 2325, 1600 bales from Bahawalpur at Rs 2340-2375, 400 bales from Rahimyar Khan at Rs 2350, 1000 bales from Lodhran at Rs 2375, 200 from Vehari at Rs 2325 and 400 bales from Gojra at Rs 2350.
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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 2325.00 50 2375.00
Equivalent-------------------------------------------------
40 Kgs 492.00 50 2542.00
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