Firmness prevailed in the cotton market on Saturday as prices maintained steadier trend amid low business, dealers said. The Official spot held the overnight level at Rs 2225 for 2005-06 crop, without upcountry expenses.
According to the market sources there was interest in the fresh buying of cotton but on the other hand, ginners showed some hesitance on anticipation of further rise in the prices.
Higher trend in the NY cotton futures, might help the prices to maintain firmness in the coming days, they said. Not a single deal reported on Saturday as most of the spinners kept on the sidelines, dealers said.
REUTERS ADDS: the New York cotton futures were down on Thursday on some speculative and local selling as the market shrugged off a better-than-expected export sales report, sources said.
The New York Board of Trade's December cotton contract ended down 0.82 cent to 48.04 cents a lb, after ranging between 48.00 and 49.25 cents. March slipped 0.91 cent to 50.07 cents, while deferred or back month contracts lost 0.73 to 0.87 cent.
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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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