Phutti prices maintained the overnight levels in Sindh at Rs 1025-1075 and in Punjab seed-cotton was trading at Rs 1100-1125, dealers said.
According to the market sources, there was increased interest in the purchasing of quality cotton despite the higher trend in the prices.
The noticeable thing is that despite the short supply news and rising prices, the exporters did not indulged in panic buying of cotton, they said. In the meantime, the Trading Corporation of Pakistan (TCP) issued tender for another 50,000 bales of cotton for Thursday, they said.
Mills were not taking any risk, remained active following the news that most of the cotton growing countries may harvest less cotton this season, but India is not among them, they noted.
The New York Board of Trade's key December cotton contract ended 0.18 cent lower at 51.26 cents a lb., after dealing from 51.17 to 52.00 cents. March added 0.06 cent to finish at 54.29. The rest closed up 0.10 to 0.30 cent.
Following deals were reported: 200 bales of cotton from Deragazi Khan at Rs 2375, 1000 bales from Ali pur at Rs 2400, 1000 bales from Uch Sharif at the same level, 1200 bales from Bahawalpur at Rs 2375-2400, 200 bales from Jahanian at Rs 2375, 1000 bales from Jalalpur at Rs 2400, 800 bales from Shujabad at Rs 2400, 1500 from Rajanpur at Rs 2375-2400, 200 bales from Duniapur at Rs 2375 and 600 bales from Hasilpur at Rs 2400.
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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 2350.00 50 2400.00
Equivalent-------------------------------------------------
40 Kgs 2518.00 50 2568.00
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