A solo sales deal was reported on the cotton market owing primarily to EU decision to withdraw GSP facility for Pak clothing and anti-dumping duty on bed linen exports, relevant sources said.
Official spot rate of grade III cotton was further slashed primarily under the impact of falling world rates. Spot rate lost Rs 25 to Rs 3175 without sales tax and upcountry expenses.
The cotton futures in New York lost, though modestly - March shed 0.02 cent to 64.94 and May shed 0.33 cent to 66.94 cents a pound.
The sources expressed surprise as they said phutti supplies continued from certain areas in Sindh such as Sanghar and Umar Kot.
They appeared to have been waiting to make a final comment on cotton production. No less than 97 million bales, however, they said. Ginners put maximum estimate at 92 million bales.
Only deal reported late on Wednesday was 400 bales of Sanghar at Rs 2700.
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 3175.00 3651.25 50 3701.25
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3403.00 3913.45 50 3963.45
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