Dullness prevailed on the cotton market on Thursday as both the buyers and sellers failed to find a meeting ground, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2,525, without upcountry expenses.
The leading factor behind the sluggish business in the market was bullish trend in the New York cotton market as ginners did not show any intention to lower the prices from their present levels, dealers said. On the other hand mills and spinners preferred to be on sidelines expecting some decrease in the prices, they added.
According to the Reuters: the New York Board of Trade's May cotton contract climbed 0.89 cent to close at 54.48 cents per lb, trading from 53.30 to 54.75 cents. One contract aside, the rest went up from 0.43 to 0.78 cent.
The Intercontinental Exchange's NYBOT electronic market for cotton showed the May contract up 0.86 cent to 54.45 cents at 2:44 pm EST (1944 GMT), dealing from 53.30 to a contract high of 54.75 cents. In the local market not a single deal was finalised in process of trading, they added.
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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 2525.00 50 2575.00
Equivalent-------------------------------------------------
40 Kgs 2706.00 50 2756.00
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