Steady trend was seen on the cotton market on Friday as prices were unchanged amid lacklustre business, experts said. The Karachi cotton Association (KCA) official spot rate was unchanged at Rs 3800, dealers said. According to the market sources, farmers and growers welcomed the new budget as now they would be able to get subsidy over the consumption of electricity by the tube wells for the supply of irrigation water.
But nothing was new for the textile sector and it appeared that it was totally friendly budget for the farmers or growers, leading cotton analyst Naseem Usman said. On Thursday, the NY cotton futures moved both ways in process of trading as the now benchmark December cotton contract shed 0.01 cent to finish at a revised 76.95 cents per lb, ranging from 76.25 to 77.41 cents. The spot July contract rose 0.39 cent to end at 69.64 cents. Volume in the December contract stood at 19,885 lots at 2:56 pm EDT (1856 GMT), while July volume was 16,297 lots. Not a single deal was reported on Friday, 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 3800.00 50 3850.00
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Equivalent
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40 Kgs 4072.00 50 4122.00
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