Prices went up on the cotton market on Monday after the Pakistan Cotton Ginners Association (PCGA) fortnightly report, showing lower-than-expected arrivals, dealers said. Official spot rate was higher by Rs 50 to Rs 5,900, they said. Above, 9000 bales of cotton finalised between Rs 5250 and Rs 6000, they said.

Prices of seedcotton (phutti) in Sindh were slightly up at Rs 2500-2700, in Punjab, rates were at Rs 2600-2900, they said. Some brokers said that ginners may increase asking prices after the PCGA fortnight data, showing more than 67 lack bales less against the last year. The PCGA report issued, depicting Phutti arrivals till December 1st at 9.58 million bales, they said. It is surprising for the traders of cotton, because mills have already booked nearly 1.6 million bales for the purpose of imports from India, Brazil and US, cotton analyst Naseem Usman said. Total phutti (seedcotton) arrival figure is approximately 9.58 million bales till now, he added.

At the time of booking to import cotton from India, Pak importers were facing losses due to dollar's rise in the country, other analysts said. Prices are likely to go up as ginners are looking aggressive mood after less arrival figure against the expectations, other brokers said.

The following deals were reported: 1000 bales from Shahdadpur at Rs 5600, 1400 bales from Tando Adam at Rs 5250/5600, 600 bales from bales from Sanghar at Rs 5600, 400 bales from Nawab Shah at Rs 5650, 200 Kazi Ahmed at Rs 5700, 600 bales from Khairpur at Rs 6000/6050, 1200 bales from Upper Sindh at Rs 6000-6050, 400 bales from Chichawatni at Rs 5800-5950, 200 bales from Vehari at Rs 5800, 400 bales from Multan at Rs 5825, 200 bales from Jahanian at Rs 5875, 600 bales from Uch Sharif at Rs 5875, 1000 bales from Bahawalpur at Rs 5900, 600 bales from Hasilpur at Rs 5900/5975, 800 bales from Bakkhar at Rs 5900, 2600 bales from Burewala at Rs 5900-6100, 200 bales from Kabirwala at Rs 5925, 400 bales from Mian Chano at Rs 5950/6000, 1000 bales from Fort Abbas at Rs 5950-5990, 600 bales from Lodhran at Rs 5950-6000, 1400 bales from Haroonabad at Rs 5975, 600 bales from Faqirwali at Rs 5975, 600 bales from Chistian at Rs 5975, 400 bales from Kichiwala at Rs 5975, 400 bales from Shujabad at Rs 6000, 400 bales from Layyah at Rs 6000/6050, 40 bales from Ghazi Ghat at Rs 6000, 200 bales from Dera Ghazi Khan at Rs 6000, 200 bales from Bahawal Nagar at Rs 6050, 1000 bales from Rajanpur at Rs 6100, 800 bales from Fazilpur at Rs 6100 and 2000 bales from Rahim Yar Khan at Rs 6100, they said.

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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 01.12.2012

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37.324 Kgs          5,900      155          6,055        6,005          +50

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Equivalent

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40 Kgs              6,323      155          6,478        6,424          +54

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Copyright Business Recorder, 2012