A couple of deals were struck on the cotton market on Friday, manifesting that buyers were not altogether averse to buying but have become only choosy, relevant sources said.
The official spot rate of grade III cotton was pulled down by Rs 25 to Rs 3025 without Rs 50 upcountry expenses.
The three deals struck on Friday were in big lots and at lower prices ranging between Rs 2350 and Rs 2900 per maund.
New York cotton futures rose overnight sharply. July was up 1.35 cents to 49.30 and October up 1.45 cents to 53 cents a pound.
The buyers have been planning purchases, looking keenly at the quality and prices. However, as the new crop makes inroads into the ginneries buying would gain pace, sources opined.
Following deals were noted: 1000 bales of Ahmadpur East at Rs 2900; 1000 bales of Bahawalpur at Rs 2900; and 200 bales of Sanghar at Rs 2350.
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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 3025.00 - 50 3075.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3242.00 - 50 3292.00
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