KCA lowers spot rate by Rs 125 in single day, phutti prices fall
KARACHI (August 21 2008): Dollar's slight recovery propelled the exporters to buy more phutti for better return, dealers said on the cotton market on Wednesday. The official spot rate after maintaining a stable trend, lost Rs 125 to Rs 4075 in a single day slide, they said. In the ready business phutti prices were down by Rs 50 to Rs 1825-1850 in Sindh and in the Punjab also rates were lower by Rs 50 to Rs 1700-1950, they said.
Nothing is clear in the political arena, causing uneasiness among the masses related to all walks of life. The leading politicians must come forward and try to settle the near and long-terms issues as early as possible, they added. In the meantime, there was the good opportunity for ginners to dispose off unsold stock because the fresh arrivals are likely within a few days, they said,
On Tuesday, the NY cotton futures closed softer on sales by small investors as an early rise in fiber contracts fizzled and the market seems in danger of slipping below the 11-month low hit last week, brokers said. The key December cotton contract shed 0.18 cent to close at 67.19 cents per lb.
On Friday, the contract ended at 67.08 cents. Based on the weekly charts of the contract, that was the lowest finish since the middle of August 2007. The contract moved from 67.01 to 68.05 cents. It was an inside day since the range was within Monday's 67 to 68.42 cents band. Volume traded in the December contract hit 7,299 lots at 2:37 pm EDT (1837 GMT).
The following deals were reported : 1000 bales of cotton from Tando Adam sold at Rs 4100-4150, 3000 bales from Shahdadpur sold at Rs 4075-4125, 800 bales from Sultanabad at Rs 4000-4075, 200 bales from Mirpur Khas at Rs 4075, 600 bales from Sanghar at Rs 4080-4100, 400 bales from Khipro at Rs 4075-4100, 300 bales from Jhole at Rs 4075, 200 bales from Sanjhoro at Rs 4075, 200 bales from Samandari at Rs 4100, 400 bales from Khanewal at Rs 4150, 200 bales from Jhang at Rs 4150, 400 bales from Chichawatni at Rs 4100-4125, 200 bales from Kassowal purchased at Rs 4125, 400 bales from Haroonabad at Rs 4110, 200 bales from Gojra at Rs 4100, 200 bales from Mian Chunno at Rs 4100, 200 bales from Bhawalnagar at Rs 4100, 200 bales from Burewala at Rs 4025 and 200 bales from Gale Raja sold at Rs 4075, dealers said.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 4,075.00 50 4,175.00
Equivalent-------------------------------------------------
40 Kgs 4,367.00 50 4,467.00
===========================================================
KARACHI (August 21 2008): Dollar's slight recovery propelled the exporters to buy more phutti for better return, dealers said on the cotton market on Wednesday. The official spot rate after maintaining a stable trend, lost Rs 125 to Rs 4075 in a single day slide, they said. In the ready business phutti prices were down by Rs 50 to Rs 1825-1850 in Sindh and in the Punjab also rates were lower by Rs 50 to Rs 1700-1950, they said.
Nothing is clear in the political arena, causing uneasiness among the masses related to all walks of life. The leading politicians must come forward and try to settle the near and long-terms issues as early as possible, they added. In the meantime, there was the good opportunity for ginners to dispose off unsold stock because the fresh arrivals are likely within a few days, they said,
On Tuesday, the NY cotton futures closed softer on sales by small investors as an early rise in fiber contracts fizzled and the market seems in danger of slipping below the 11-month low hit last week, brokers said. The key December cotton contract shed 0.18 cent to close at 67.19 cents per lb.
On Friday, the contract ended at 67.08 cents. Based on the weekly charts of the contract, that was the lowest finish since the middle of August 2007. The contract moved from 67.01 to 68.05 cents. It was an inside day since the range was within Monday's 67 to 68.42 cents band. Volume traded in the December contract hit 7,299 lots at 2:37 pm EDT (1837 GMT).
The following deals were reported : 1000 bales of cotton from Tando Adam sold at Rs 4100-4150, 3000 bales from Shahdadpur sold at Rs 4075-4125, 800 bales from Sultanabad at Rs 4000-4075, 200 bales from Mirpur Khas at Rs 4075, 600 bales from Sanghar at Rs 4080-4100, 400 bales from Khipro at Rs 4075-4100, 300 bales from Jhole at Rs 4075, 200 bales from Sanjhoro at Rs 4075, 200 bales from Samandari at Rs 4100, 400 bales from Khanewal at Rs 4150, 200 bales from Jhang at Rs 4150, 400 bales from Chichawatni at Rs 4100-4125, 200 bales from Kassowal purchased at Rs 4125, 400 bales from Haroonabad at Rs 4110, 200 bales from Gojra at Rs 4100, 200 bales from Mian Chunno at Rs 4100, 200 bales from Bhawalnagar at Rs 4100, 200 bales from Burewala at Rs 4025 and 200 bales from Gale Raja sold at Rs 4075, dealers said.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 4,075.00 50 4,175.00
Equivalent-------------------------------------------------
40 Kgs 4,367.00 50 4,467.00
===========================================================