Firmness prevailed on the cotton market on Tuesday as most of the buyers were still conspicuous by their absence, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3300. Phutti prices in both Sindh and Punjab were also same at Rs 1200-1600, they said.
Most of the deals finalised between Rs 3350-3500 in process of trading, they added. According to the market sources, the prices may rise from the present levels following the higher trend in the NY cotton futures, and this factor is propelling the spinners to keep buying to make up for the shortage.
The country has to import nearly 4-5 million bales of cotton to meet the requirement. It is expected that the ginners may not show any softness in their attitude under the circumstances, they added.
The New York cotton futures moved up as the ICE Futures' May cotton contract increased 2.03 cents to end at 73.05 cents per lb, dealing from 71.62 to 73.64 cents. The new-crop December cotton futures were seen 2.92 cents higher at 82.20 cents at 3:30 pm (1930 GMT). The cotton market was shut on Friday for a holiday.
The following deals were reported as some 4000 bales from upper Sindh sold at Rs 3350-3450, 1000 from Sadiqabad at Rs 3425 and 800 bales from Khairpur sold at Rs 3500, 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 3300.00 50 3350.00
Equivalent-------------------------------------------------
40 Kgs 3537.00 50 3587.00
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