Cotton market sustained modest trading on Tuesday and operators were calculating appropriate time when usual business would be seen, relevant sources said.
The official spot rate of cotton was unrevised at Rs 3050 without Rs 50 upcountry expenses.
Trading was not reported, though DMR printed some deals struck late on Monday night.
New York cotton futures continued to lose. July was down 0.85 cent to 57.32 and October shed 1.10 cents to 57.50 cents a pound.
Sources said that time was approaching fast when cotton market would be hub of trading. However, right at the moment, both sellers and buyers have reasons to wait.
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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 3050.00 3507.50 50 3557.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3269.00 3759.35 50 3809.35
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