Wait and see attitude gives cotton market a deserted look

Cotton market looked deserted as buyers/sellers eagerly awaited ginners fortnightly statement on arrival and hence no deal was marked on Saturday, relevant sources said.
The official spot rate of grade III cotton remained unchanged at Rs 3200 without ST and upcountry expenses.
The statement of cotton arrivals up to January 15, 2004, was 487,763 against last year's 455,272 bales; textile mills bought 660,767 bales; exporters bought 6;376 bales; unsold bales so far were around 1446418, and unginned 612,061 bales.
No deal however was reported.

==========================================================================================================

The KCA Official Spot Rate for Local Dealings in Pak Rupees

----------------------------------------------------------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"                             MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

==========================================================================================================

                                        Ex-Gin Prices          Up-country             Spot Rate Ex-Karachi

Rate                   Ex-Gin             Including            Expenses                          Including

for                    Price            Sale Tax @ 15%                                     Sales Tax @ 15%

==========================================================================================================

37.32 Kgs             3200.00             3680.00                  50                              3730.00

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

40 Kgs                3429.00             3943.35                  50                              3993.35

==========================================================================================================