No change was seen in the present outlook of the cotton market on Tuesday due to cautious attitudes of the buyers and sellers, dealers said.
The official spot rate was stayed put at Rs 2510, without upcountry expenses. Cotton prices in Sindh were at Rs 2250-2525 and it was trading in the range of Rs 2300-2550 in Punjab. Yarn prices were also lower in the absence of proper demand by, brokers said.
Some leading brokers said that buyers were on the sidelines to see the response of the exporters and mills at the Trading Corporation of Pakistan's (TCP) auction on 16 of the current month.
There is a perception in the market that with the entry of TCP the prices showed softness following the low level of interest of the leading buyers, they added.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark May contract lost 0.56 cent to end at 53.93 cents a lb, trading from 53.81 to 54.20 cents. July fell 0.52 to 55.23 cents. The rest retreated from 0.25 to 0.58 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 2510.00 50 2560.00
Equivalent-------------------------------------------------
40 Kgs 2690.00 50 2740.00
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