The official spot rate maintained its surge, gaining further on the cotton market on Tuesday on reports of decline in the phutti arrivals, dealers said. The official spot rate picked up another Rs 25 to Rs 2350, without upcountry expenses.
In the ready business, in Sindh prices of low cotton gained Rs 50 to Rs 2250 and good type gained Rs 25 to Rs 2325, dealers said. The lower type were soft at Rs 2200-2300 and prices in Punjab followed the same trend at Rs 2375 and Rs 2400.
Slight fall was seen in the supply position due to transportation problem ahead of the Eid-ul-fitr holidays, brokers said.
Phutti prices in Sindh type stayed put at Rs 1025-1075, in Punjab variety prices retained the overnight level at Rs 1050-1100, dealers said.
According to the market sources, activity was thin as both spinners and ginners were on sidelines, waiting for the arrival figures for the fortnight, ending October 31.
In the meantime, needy mills were in the market despite higher trend in the prices, they said and adding that mills' interest fell in fresh buying on expectations of better arrival figure.
REUTERS ADDS: the New York Board of Trade's key December cotton contract slipped 0.65 cent to conclude at 51.87 cents a lb, ranging between 51.57 and 52.75 cents.
It was the lowest close for the contract since trading just a little over 51 cents in late September. March shed 0.50 cent to 54.49 cents. Distant months loss ranged from 0.48 to 0.70 cent.
FOLLOWING DEALS WERE REPORTED: 1500 bales of cotton from Nawabshah at Rs 2325, 2000 bales from Khairpur at Rs 2400, 800 bales from Uch Sharif at the same rate, 800 bales from Noor Pur Noranga, 400 bales from Yazman, 400 , 800 bales from Ali pur, 1200 bales from Jalalpur, 2500 bales from Rahimyar Khan, 800 bales from Kabirwala, 600 bales from Tibba Sultan, 600 bales from Alipur, all the deals stuck at Rs 2400.
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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 2350.00 50 2400.00
Equivalent-------------------------------------------------
40 Kgs 2518.00 50 2568.00
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