Consumers resume buying on cotton market

Prices showed upward trend on the cotton market on Saturday as the spinners increased buying to meet their requirements, brokers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2900, they added.
Phutti prices were at Rs 1300-1350 in Sindh and in Punjab at Rs 1450-1500, they said. In the reading business, the deals finalised between Rs 3000-3100, they said.According to the market sources, the mills were active as prices in the NY cotton futures were higher, indicating that the rates of cotton may not come down in the near future.
In the meantime, good news, is reaching the market that the rains may not hurt the cotton in both Sindh and Punjab, they said. The NY cotton futures were lower as the New York Board of Trade's key December cotton contract dove 1.77 cents to conclude at 62.72 cents per lb., moving from 61.85 to 63.60 cents. It was the lowest close for the contract since late June.
March fell 1.52 to 65.97 cents. Back months lost from 1.30 to 1.55 cents. The Intercontinental Exchange NYBOT electronic cotton market saw the December cotton contract fall 1.90 cents to 62.59 cents at 2:30 pm, moving from 61.84 to 64.80 cents.
The following deals were reported: 200 bales of cotton from Sultanabad sold at Rs 3000, 400 bales from Shahdadpur at Rs 3050, 400 bales from Mirpurkhas at Rs 3000, 200 bales from Tando Adam at Rs 3050, same figure from Sultanabad at Rs 3040 and 1300 bales from Pul Pango at Rs 3150.

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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      2900.00        50                    2950.00

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

40 Kgs         3108.00        50                    3158.00

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