Stability prevailed in the cotton market on Tuesday as prices maintained their overnight levels despite higher arrival figures, relevant sources said.
The official spot rate of grade 3 cotton remained unchanged at Rs 1,925.
Several deals were reported from Sindh at Rs 1850 to Rs 2000 per maund. Spinners bought cotton from Punjab at Rs 1950-2000.
Market participants were expecting that rising arrival figures report could hurt the present firmness in the market, but spinners, mills and Trading Corporation of Pakistan (TCP) indulged in fresh buying which checked slide in prices.
Market sources said that after Pakistan Cotton Ginners Association (PCGA) arrivals report, leading buyers picked up several lots cautiously because of continued rise in arrivals.
Total arrivals rose to 3.613 million bales.
New York cotton futures closed with slight gains on fund short-covering, but absence of news is seen keeping cotton pinned in a tight band in the days ahead, analysts said.
December contract rose 0.60 cent to end at 46.42 cents a lb, dealing from 45.50 to 46.50 cents. March gained 0.33 cent to 46.74 cents. Distant months increased from 0.35 to 0.60 cent.
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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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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 1925.00 50 1975.00
Equivalent-------------------------------------------------
40 Kgs 2063.00 50 2113.00
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