Sluggish trend on cotton market

Sluggish trading was seen on the cotton market on Saturday as the Trading Corporation of Pakistan (TCP) sold all 28,000 bales of cotton, dealers said. The official spot rate was inert at Rs 2475, without upcountry expenses.
The TCP disposed off all 28,000 bales of cotton, they said. The mills bought 22,000 bales, ranging between Rs 2371-2346. The exporters bought 6000 bales, ranging between 47.92-48.43 cents per lb. There were some speculations in the market that the more rains in the lower Sindh likely to hurt the quality of cotton and production.
The New York cotton futures drifted lower as the New York Board of Trade's December cotton contract dropped 1.12 cents to end at 55.74 cents per lb, dealing between 55.35 and 56.60 cents. March fell 0.86 to 58.83 cents. One contract aside, the rest lost 0.75 cent or 1.05 cents. Following deal was reported : 200 bales of cotton from Tando Alahyar at Rs 2450, they said.

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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      2475.00         50                   2525.00

Equivalent-------------------------------------------------

40 Kgs         2652.00         50                   2702.00

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