Prices improve on cotton market

Further improvement in prices was seen on the cotton market on Friday amid enhanced demand by the buyers, dealers said.
The official spot rate of grade 3 cotton was raised by Rs 25 to Rs 1,975.
Cotton from Sindh changed hands between Rs 1900 and Rs 2000. Thousands of bales of cotton were available, ranging between Rs 2000 and Rs 2050.
Despite rising trend in prices, ginners were not waiting for more increase and were selling their stock at the current levels.
On directive of the Prime Minister, the exporters, TCP and spinners were the active buyers and it seemed that the prices might maintain the present levels, relevant sources said.
The New York cotton futures finished lower on combined trade and speculative sales, analysts said. December contract sank 2.18 cents to conclude at 45.81 cents a lb, dealing between 45.80 and 47.40 cents. March dived 1.46 cents to 45.59 cents and the distant months slid 0.75 to 1.49 cents.

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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      1975.00        50                    2025.00

Equivalent-------------------------------------------------

40 Kgs         2117.00        50                    2167.00

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