Some movement was marked on the cotton market on Thursday as buyers lifted respectable quantity from both Sindh and Punjab as they found prices quite feasible, sources said.
The official spot rate was not ventured in to be raised marking the spinners determination not to provide ginners any opportunity to raise the asking prices. The spot rate was put at Rs 2,850 without sales tax and upcountry expenses.
In ready, nearly 4,000 bales of cotton from both the provinces were on offer and were lifted at the rate of Rs 2,600 to Rs 3,000.
The sources said that players, ginners and spinners are in a position to hold on until prices look in their favour.
FOLLOWING DEALS WERE NOTED: 1,600 bales of Khanewal at Rs 3,000, 800 bales of Mehrabpur at Rs 2,600, 1,000 bales of Daherki at Rs 2,900 and 600 bales of Salehput at Rs 2,650.
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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 2850.00 3277.50 50 3327.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3054.00 3512.10 50 3562.10
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