Some 93 bidders participated in the Trading Corporation of Pakistan (TCP) auction on Saturday, cotton market sources said. The official spot rate held its overnight levels at Rs 2225, without upcountry expenses. According to the market sources, 89 mills and four exporters showed their interest in buying nearly 175,100 bales of cotton from the TCP.
They said that increased number of mills indicating that the quality factor is propelling them (mills) to buy from the TCP even at the higher rates.
The TCP received highest bid from Multan at Rs 2336, from Karachi mills at Rs 2300, from Chichata Watni at Rs 2166, from Dera Gazi Khan at Rs 2260 and from Rohri at Rs 2255
Reports coming from the Punjab side that so far some 82 percent target of cotton sowing in the area has been achieved.
REUTERS ADDED: The New York cotton futures closed easier on Friday on switch trade, traders said.
The New York Board of Trade's July contract eased 0.42 cents to end at 48.34 cents a lb., dealing from 48.10 to 49.10 cents. New-crop December lost 0.13 to 52.47 cents. The rest retreated 0.05 to 0.30 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 2225.00 50 2275.00
Equivalent-------------------------------------------------
40 Kgs 2385.00 50 2435.00
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