In the ready business, above 22,000 bales of cotton changed hands between Rs 4550-4750. Phutti prices in both the Punjab and Sindh were same at Rs 2050-2350, they added. According to the market sources prices may look ahead due to strong demand by the mills. Basically, as the season is near to close and the arrival of phuitt to decrease with the passage of time, shortage problem would emerge and may push the prices of fine quality sharply higher.
Present trend in the prices may continue because of higher demand by the mills to meet the export consignment. Because of this dominating factor, the bearish trend in the NY market is ignored, they said. On Wednesday the NY cotton futures closed lower on investor sales inspired by weakness in outside markets, but solid consumer buying limited losses, brokers said.
The key March cotton contract retreated 0.84 cent to finish at 70.80 cents per lb, dealing from 70.52 to 71.73 cents. Volume traded in the March contract hit 13,128 lots at 2:38 pm EST (1938 GMT).
THE FOLLOWING DEALS WERE REPORTED: 400 bales of cotton from Shahdadpur sold at Rs 4625, 200 bales from Akri at Rs 4600, same figure from Tharo Shah at the same rate, same number from Kandario at the same rate, 1000 bales from Khairpur at Rs 4725-4750, 2400 bales from upper Sind at Rs 4700, 8000 bales from Rahim Yar Khan at the same rate, 400 bales from Khanpur at Rs 4700, 2000 bales from Sadiqabad at the same rate, 1400 bales from Sardar Lund at the same rate, 400 bales from Bhakkar at Rs 4650, 800 bales from Haroonabad at Rs 4600, 1000 bales from Liaquatpur at Rs 4575 and 400 bales from Gojra at Rs 4550.
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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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37.324 Kgs 4,600.00 100 4,700.00
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Equivalent
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40 Kgs 4,930.00 100 5,030.00
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