Prices of cottonseed (phutti) low type was lower by Rs 100 to Rs 2400 while the best type was unchanged at Rs 2700 and in Punjab rates of inferior type shed same amount to Rs 2300 while the good type retained overnight level at Rs 2800, they said. According to the market sources, activity was slow due to international market closer, but the other leading factor was some resistance by the ginners in selling of cotton at the prevailing rates.
Mills and spinners were also not looking very active in fresh purchasing as industries were closing down due to shortage of gas and power, they said. According to the Reuters, the US cotton rose to three-month highs in thin holiday trade on Monday as continued speculative interest pushed fibers to test a long-term technical resistance.
The most-active March cotton contract on ICE Futures US settled up 0.22 cent, or 0.3 percent, at 76.40 cents per lb. Speculative buying pushed prices to as high as 76.5 cents, their loftiest level since September 20. That intraday high was just 0.22 cent shy of its 200-day moving average. Light holiday volumes, with less than 7,000 March contracts changing hands on the day, exaggerated some of the upward move.
The following deals were reported: 400 bales of cotton from Mirpurkhas at Rs 5300, 600 bales from Khairpur at Rs 5950, 1000 bales from Khairpur (BCI) at Rs 6100, 2000 bales from Upper Sindh (BCI) at Rs 6100, 200 bales from Mianchano at Rs 5300, 200 bales from Chichawatni at Rs 5550, 200 bales from Gojra at Rs 5700, 400 bales from Burewala at Rs 5800, 1400 bales from Bahawalpur at Rs 5825, 200 bales from Faqirwali at Rs 5825, 400 bales from Daranwala at Rs 5850, 400 bales from Chistian at Rs 5850, 800 bales from Layyah at Rs 5950-000, 400 bales from Shujabad at Rs 6000 and 800 bales from Mianwali 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 24.12.2012
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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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