The cotton market commenced the week on a firm note as prices depicted no change in their weekend's levels amid modest trading, brokers said. The official spot rate maintained last levels at Rs 2275, without upcountry expenses. According to some brokers, the cotton prices were trading within the band of Rs 2200-2350 and seed-cotton prices were trading at Rs 900-1075, dealers said.
Market sources said that activity was thin as needy mills took part in the trading despite the upward trend in the prices.
On the other hand, all eyes were set on the forthcoming meeting of the Trading Corporation of Pakistan (TCP) to decide future strategy, dealers said.
Following deals were reported: some 4000 bales of cotton changed hands from Upper Sindh at Rs 2300-2350, 2500 bales from Rahimyar Khan at the same levels, 2000 bales from Sadiqabad at Rs 2215-2350, 200 bales from Multan at Rs 2300 and same figure from Alipur at the same level.
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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 2275.00 50 2325.00
Equivalent-------------------------------------------------
40 Kgs 2438.00 50 2488.00
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