Thin activity was seen on the cotton market on Tuesday as leading participants showed less interest in routine buying, dealers said. The official spot rate was unchanged at Rs 2425, without upcountry expenses. According to some dealers there were some buyers in the market to pick up fine lots but not to buy inferior types.
Cotton production down from the desirable level helped the prices to retain their firmness, cotton experts said. By and large, this factor is also favouring the ginners as they have worries over the unsold stock. In the meantime, the mills, who are still short of required stock, were bound to purchase at the prevailing levels, they added.
THE REUTERS ADDS: the New York Board of Trade's July cotton contract slid 0.41 cent to finish at 52.11 cents a lb, dealing from 52.10 to 52.65 cents. December lost 0.47 to 56.30 cents. The rest lost 0.20 to 0.75 cent.
Following deals were finalised : some 1000 bales of cotton from Punjab sold at Rs 2460 (exporters to mill, Karachi delivery) and 400 bales from upper Sindh at Rs 2475.
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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 2425.00 50 2475.00
Equivalent-------------------------------------------------
40 Kgs 2599.00 50 2649.00
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