Cotton prices up marginally in selective buying

Prices showed slight improvement in the cotton market on Saturday as the mills continued selective buying due to higher trend in the prices, relevant sources said.
The official spot rate was unchanged at Rs 2325 for the third consecutive session, without upcountry expenses.
In the ready, business, cotton prices were higher due to persistent demand, ranging between Rs 25-100, in Sindh at Rs 2200-2300 and in Punjab at Rs 2375-2400.
Phutti prices also gained modestly, in Sindh up at Rs 1035-1090, in Punjab at Rs 1075-1100, dealers said.
Activity was relatively low as buyers neither sellers were ready to indulge in massive trading, dealers said.
Mills were cautiously buying on expectations of decline in the prices, on the other hand, ginners were hoping that the prices might show further ascend in the coming days, they said.
The New York Board of Trade's key December cotton contract rose 1.28 cents to end at 54.49 cents a lb, dealing between 53.07 to 54.60 cents. It was an inside day since the range was within Thursday's 53.05 to 54.90 cents band.
On Thursday, the contract settled at 53.21 cents in the lowest close for cotton on a spot basis since trading near 52 cents in early October. March increased 1.17 cents to 56.42 cents. Back months gained from 1.00 to 1.20 cents.
FOLLOWING DEALS WERE REPORTED ON SATURDAY: amid uncertainties about the size of production, 1000 bales of cotton from Sanghar at Rs 2200-2225, 200 bales from Bandhi at Rs 2300, same figure from Sarhari at the same rate, 800 bales from Chichawatni at Rs 2350-2375, 200 bales from Yazman at Rs 2375, 400 bales from Shujabad at the same unmber, 1000 bales from Khenawal at Rs 2375-2400, same number from Gojra at Rs 2350-2375, 2000 bales from Jahanian at Rs 2400, same number from Alipur at Rs 2375-2400 and 200 bales from Burewala at Rs 2375.

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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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