Brisk activity, no change in price levels on cotton market
KARACHI (September 09 2008): Trading improved on the cotton market on Monday as exporters and mills both were involved in hectic buying on anticipation that the crop size may miss the target for the current season, dealers said. The official spot rate was unchanged at Rs 4125, they said.
Phutti prices in Sindh were unchanged at Rs 1900-1925 for the second session in a row and in Punjab, the rates were also same at Rs 1800-1900, they said. Fresh rains in the cotton growing areas again are causing concern among the cotton circle as the rains may hit the quality, they said adding that the production also may be lower-than-expected.
Exporters are buying cotton to play on both local and foreign markets as rising dollar rate is propelling them to earn better profits by selling to foreign countries and in the local market they will get good profit after selling to the mills and spinners.
Additionally, the rains may delay phutti arrivals, which is likely to give a boost to the prices. Meanwhile ginners were selling phutti at the present levels and not trying to increase prices, they added.
The following deals were reported: 4000 bales of cotton from Shahdadpur sold at Rs 475-4200, 3800 bales from Tando Adam at Rs 4175-4200, 3000 from Sanghar at Rs 4175, 800 bales from Sarhari at Rs 4175-4200, 1000 bales from Khanpur at Rs 4175, 2000 bales from Hala at 4150-4175, 2000 bales from Nawabshah at Rs 4175-4200, 1000 bales from Sahahpur Chaker at Rs 4175-4200, 1000 bales from Hala at Rs 4175-4200, 600 bales from Noabad at Rs 4175-4200, 1000 bales from Hyderabad at Rs 4175-4200, 600 bales from Bhawalnagar at Rs 4075, 600 bales from Mian Channu at Rs 4100, 2000 bales from Burewala 4100-4125, 1000 bales from Khanewal at Rs 4125, 600 bales from Kabirwala at Rs 4125, 800 bales from Chichawatni at Rs 4075-4100, 400 bales from Gojra at Rs 4100 and 400 bales from Muridwala at Rs 4100, 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 4,125.00 50 4,225.00
Equivalent-------------------------------------------------
40 Kgs 4,421.00 50 4,521.00
===========================================================
KARACHI (September 09 2008): Trading improved on the cotton market on Monday as exporters and mills both were involved in hectic buying on anticipation that the crop size may miss the target for the current season, dealers said. The official spot rate was unchanged at Rs 4125, they said.
Phutti prices in Sindh were unchanged at Rs 1900-1925 for the second session in a row and in Punjab, the rates were also same at Rs 1800-1900, they said. Fresh rains in the cotton growing areas again are causing concern among the cotton circle as the rains may hit the quality, they said adding that the production also may be lower-than-expected.
Exporters are buying cotton to play on both local and foreign markets as rising dollar rate is propelling them to earn better profits by selling to foreign countries and in the local market they will get good profit after selling to the mills and spinners.
Additionally, the rains may delay phutti arrivals, which is likely to give a boost to the prices. Meanwhile ginners were selling phutti at the present levels and not trying to increase prices, they added.
The following deals were reported: 4000 bales of cotton from Shahdadpur sold at Rs 475-4200, 3800 bales from Tando Adam at Rs 4175-4200, 3000 from Sanghar at Rs 4175, 800 bales from Sarhari at Rs 4175-4200, 1000 bales from Khanpur at Rs 4175, 2000 bales from Hala at 4150-4175, 2000 bales from Nawabshah at Rs 4175-4200, 1000 bales from Sahahpur Chaker at Rs 4175-4200, 1000 bales from Hala at Rs 4175-4200, 600 bales from Noabad at Rs 4175-4200, 1000 bales from Hyderabad at Rs 4175-4200, 600 bales from Bhawalnagar at Rs 4075, 600 bales from Mian Channu at Rs 4100, 2000 bales from Burewala 4100-4125, 1000 bales from Khanewal at Rs 4125, 600 bales from Kabirwala at Rs 4125, 800 bales from Chichawatni at Rs 4075-4100, 400 bales from Gojra at Rs 4100 and 400 bales from Muridwala at Rs 4100, 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 4,125.00 50 4,225.00
Equivalent-------------------------------------------------
40 Kgs 4,421.00 50 4,521.00
===========================================================