Low business was seen in the cotton market on Friday as most of the buyers kept on the sidelines ahead of the Pakistan Cotton Ginners Association (PCGA) report, dealers said.
The official spot rate remained unchange at Rs 2350, without upcountry expenses. In Punjab, cotton prices fell modestly at Rs 2325-2385.
According to the market sources, the ginners preferred to sell cotton at the prevailing rates due to huge unsold stock. Mills were covering their short-term position if prices match with their psychological levels. But, against the last sessions, demand was sluggish as many buyers were hoping that the prices to come down after the release of the PCGA report.
FOLLOWING DEALS WERE REPORTED: some 1000 bales of cotton from Bahawal Nagar at Rs 2340-2375, 600 bales from Muridwala at Rs 2360-2375, 1400 bales from Rahimyar Khan at Rs 2375, 1000 bales from Bahawalpur at Rs 2350-2375 and same figure from Yazman Mandi at Rs 2350.
ACCORDING TO THE REUTERS: the New York Board of Trade's key March cotton contract eased 0.03 cent to end at 52.28 cents a lb, moving from 52.20 to 52.85 cents. The range was similar to that on Tuesday band of 52.15 to 52.65 cents.
May rose 0.08 to 53.58 cents. Except for two contracts, the rest went up 0.15 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 2350.00 50 2400.00
Equivalent-------------------------------------------------
40 Kgs 2518.00 50 2568.00
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