Exporters' led-buying kept the prices higher in the cotton market on Saturday, dealers said. The official spot rate stayed put at Rs 2150 for 2005-06, without upcountry expenses. Cotton price in Sindh was modestly up at Rs 2185-2255 and in Punjab, it was mostly inert at Rs 2225-2250.
Phutti prices in Sindh were higher at Rs 925-970 and in Punjab at Rs 960-1000, dealers said. Some dealers were of the opinion that the market was tight due to rising interest by both the exporters and mills.
Exporters bought nearly 200 bales of cotton of Sultanabad at Rs 2255 and continued buying by the spinners helping prices to maintain a firm look.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark December cotton contract was down by 1.30 cents to end at 53.11 cents a lb., moving from 53.01 to 54.52 cents.
March slid 0.73 cent to 54.87 cents. Losses in other months ranged from 0.60 cent to 1.60 cents.
FOLLOWING DEALS WERE REPORTED: some 100 bales of cotton from Tando Adam at Rs 2185-2210, 200 bales from Khipro at Rs 2180, 1800 bales from Shahdadpur at Rs 2200-2215,1600 bales from Vehari at Rs 2200-2240, 200 from Mailsi at Rs 2210 and 200 bales from Arifwala at Rs 2200.
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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 2150.00 50 2200.00
Equivalent-------------------------------------------------
40 Kgs 2304.00 50 2354.00
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