Insipid business was seen on the cotton market on Wednesday as most of the leading buyers were on the sidelines ahead of the local election on Thursday, dealers said. The Official spot rate held the overnight level at Rs 2225 for 2005-06 crop, without upcountry expenses.
Sporadic trading was witnessed as some spinners were in the market for forward buying on quality factor, dealers said.
In the meantime, it seems that bearish trend in the prices and satisfactory cotton crop reports might push the prices lower in the local market, they added.
Besides, supplies might show further improvement on resumption of operation this or next week by the central Punjab ginners, they said.
ACCORDING TO THE REUTERS: the New York cotton futures finished with modest gains on Tuesday.
The New York Board of Trade's December cotton contract rose 0.09 cent at 48.02 cents a lb., just off the lower end of its 48.01 to 48.65 cent range.
March gained 0.09 cent to 50.10 cents, while the rest closed mixed, from down 0.05 to up 0.05 cent.
FOLLOWING DEALS WERE REPORTED IN READY BUSINESS: 200 bales of cotton from Mirpurkhas at Rs 2240, 100 from same station at Rs 2250, 200 bales Mirpurkhas finalised at Rs2260, equal number from the same place at Rs 2250 and same figure from Sadiqabad station done at Rs 2225 for 25 August delivery.
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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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