Lacklustre business was seen on the cotton market on Tuesday as the buyers preferred to be on sideline due to falling trend in the prices, dealers said. The official spot rate was unchanged at Rs 2575, without upcountry expenses.
Some dealers said that the ginners have started showing some flexibility in their attitude due to good production locally and globally.
This is the basic factor, which is pushing the rates down, but in the meanwhile, the ginners were not compromising on the fine quality of cotton.
THE REUTERS ADDS: the New York Board of Trade's benchmark December cotton contract rose 0.42 cent to conclude at 52.30 cents per lb, trading from 51.88 to 52.35 cents. It was an inside day since the range was within Friday's 51.20 to 53.15 cents band. The rest went up from 0.30 to 0.50 cent.
===========================================================
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 2575.00 50 2625.00
Equivalent-------------------------------------------------
40 Kgs 2760.00 50 2810.00
===========================================================
Comments
Comments are closed.