Declining trend was seen on the cotton market on Friday as main buyers kept on the sidelines, dealers said. The Karachi Cotton Association (KCA) official spot rate shed Rs 25 at Rs 2325, without upcountry expenses. Market sources said that the news of arrival of new cotton crop encouraged the buyers to be on the sidelines.
They also said mills have already bought cotton for their near term needs and were not in a hurry to buy on the higher rates.
In the meantime, 100 bales of cotton were purchased at Rs 2350 from Kot Gulam Mohammad, they added.
REUTERS ADDS: The New York cotton futures closed marginally higher on Thursday on buying by small speculators as the market drifted in a band amid a dearth of news to give it direction, analysts said.
New York Board of Trade December cottons rose 0.08 cent to end at 52.37 cents a lb., dealing from 51.85 to 52.60 cents. March gained 0.03 to 54.4037 cents.
Except for two contracts, the rest added 0.08 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 2325.00 50 2375.00
Equivalent-------------------------------------------------
40 Kgs 2492.00 50 2542.00
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