Official spot rate was unchanged at Rs 6000, they said. In ready business, nearly 23,000 bales of cotton finalised between Rs 5750 and Rs 6300, they said. Prices of cottonseed (phutti) were inert at Rs and in Punjab rates unchanged at Rs 2500-2850, they said. Commenting on the present trend in the market, cotton analyst Naseem Usman said that business activity may pick u as the mills and spinners both indulged in hovering fears of rise in the dollar's value in terms of the dollar.
So, it's ginners' turn to keep prices at a certain level, which should match with the buyers psychological levels ahead of expectations of better cotton production, other brokers said. According to the Reuters, the US cotton rose for a third day on Tuesday as technical and fund buying pushed fibres prices to two-month highs. The most-active March cotton contract on ICE Futures US settled up 0.10 cent, or 0.13 percent, at 75.95 cents per lb, after jumping to 76.29, its highest level since October 17. The next resistance is at 76.39 cents, its intraday high from October 17, traders said.
The following deals were reported: 400 bales of cotton from Sanghar at Rs 5750, 400 Sakrand at Rs 5850, 400 bales from Bandhi at Rs 5850, 800 bales from Nawabshah at Rs 5850 - 5875, 4000 bales from Khairpur at Rs 6050, 3000 bales from Upper Sindh Khairpur (BCI) at Rs 6150-6200, 200 bales from Yazman at Rs 5950, 200 bales from Burewala at Rs 5950, 400 bales from Chichawatni at Rs 6000, 1400 bales from Haroonabad at Rs 6000, 1400 bales from Faqirwali at Rs 6000, 600 bales from Chistian at Rs 6000, 200 bales from Bahawalpur at Rs 6000, 1000 bales from Fort Abbas at Rs 5950-6025, 1600 bales from Hasilpur at Rs 6000, 1400 bales from Vehari at Rs 6000, 400 bales from Dipalpur at Rs 6000, 800 bales from Rajanpur at Rs 6150-6250, 2000 bales from Khanewal at Rs 6150 and 3000 bales from Rahimyar Khan at Rs 6200, 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 18.12.2012
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37.324 Kgs 6,000 155 6,155 6,155 NIL
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Equivalent
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40 Kgs 6,430 155 6,585 6,585 NIL
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