Spot rate falls amid low trade on cotton market

November 24, 2012

Spot Rate Falls

Spot rate drifted lower on the cotton market on Friday as leading buyers, particularly mills were on the sidelines ahead of Muharram holidays, dealers said. Official spot rate was down by Rs 50 to Rs 5,800, they said. About 4,000 bales of cotton changed hands between Rs 5300-5925, they said.

Prices of seedcotton (phutti) in Sindh were unchanged at Rs 2200-2550, in Punjab, rates were inert at Rs 2500-2700, they said. According to the market sources, attendance was thin due to lack of buying interest among mills and spinners. As a whole, in the country all the commercial centres were nearly closed on rising fears of violence, they said.

We are facing uncertainties among the masses, traders and businessmen were worried about the present situation in the city, how they can sit in the offices or in the shops, because no one is not secure, it looks that the government is unaware about the law and order situation in the country, they said. According to the Reuters, the US cotton market was closed on Thursday to observe Thanksgiving Day.

Following deals reported: 800 bales of cotton from Mirpur Khas sold at Rs 5300, 2000 bales from Khairpur at Rs 5900-5925, 600 bales of cotton from Rahimyar Khan at Rs 5900 and 200 bales from Sadiqabad at Rs 5900, 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-Karachion 22.11.2012
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37.324 Kgs          5,800      155          5,955        6,005          +50
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Equivalent
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40 Kgs              6,216      155          6,371        6,424          -53
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Courtesy: BR

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