Official spot rate was up by Rs 50 to Rs 5,900, they said. In ready business, nearly 24,000 bales of cotton finalised between Rs 5800 and Rs 6250, they said. Cottonseed (phutti) of Sindh low type was unchanged at Rs 2400 while the best type gained Rs 50 to Rs 2800, in Punjab low type picked up Rs 100 to Rs 2500 and good type picked up Rs 50 to Rs 2900, they said.
According to market sources, surge in dollar value attracted mills and spinners, which pushed up buying spree in the cotton market. Sharing the same view, cotton analyst Naseem Usman said that on the one hand, the exporters are beneficiary as the dollar's strength will increase the earnings of value-added of textile sector products, on the other hand, he added that the importers are losers as at the time of payments, they have to pay more as a result of further increase in the US currency value.
It is most likely that the mills may prefer to purchase local stuff just to keep themselves from future unforeseen losses, he added. The following deals were reported: 400 bales of cotton from 1000 Upper Sindh at Rs 6100, 4600 bales from Upper Sindh (BCI) at Rs 6200, 800 bales from Yazman Mandi at Rs 5850, 600 bales from Hasilpur at Rs 5900, 400 bales from Bakhar at Rs 5900, 200 Murid Wala at Rs 5900, 400 bales from Vehari at Rs 5900, 400 bales from Uch Sharif at Rs 5900, 400 bales from Burewala at Rs 5900, 1600 bales from Bahawal Pur at Rs 5900/6000, 400 bales from Fort Abbas at Rs 5965, 800 bales from Kabbir Wala at Rs 6000, 1200 bales from Layyah at Rs 6100, 1400 bales from Noorpur (BCI) at Rs 6100, 7000 bales from Rahimyar Khan at Rs 6100, 1400 bales from Fazilpur at Rs 6200, 1000 bales from Rajanpur at Rs 6200 and 2000 bales from Mianwali at Rs 6200-6250, 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 15.12.2012
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37.324 Kgs 5,900 155 6,005 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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