Slight improvement was witnessed on the cotton market on Saturday as both mills and spinners were active, market sources said.
The official spot rate for grade 3 cotton was reduced by Rs 25 to Rs 2,225.
In ready, most of the deals were finalised between Rs 2250 and Rs 2300.
Ginners were offering prices below their psychological levels in anticipation of rising cotton crop production. By the passing of time, seed-cotton (phutti) arrivals have accelerated at ginneries and growers were also piling up on expectation of rise in the prices in near future.
Most of the deals from the Punjab side finished between Rs 2250 and Rs 2260, marketmen said.
They said that yarn prices were soft ranging Rs 15-20 per bundle. The prices might show some gain in line with NY cotton futures track, they added.
New York cotton market key December contract sprang up 0.85 cent to 48.43 cents a lb, moving between 47.58 and 48.85 cents. On Thursday, December ended at 47.58 cents in the lowest close for the contract since it settled at 47.32 cents on August 17. March rose 0.77 cent to 49.86 cents. Back months increased 0.97 cent to 1.50 cents.
Following deals were reported: 1000 bales from Shahdadpur at Rs 2275 and 1400 of cotton bales from Johl at Rs 2255.
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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"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 2225.00 50 2275.00
Equivalent-------------------------------------------------
40 Kgs 2385.00 50 2435.00
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