The news of the expected entry of the Trading Corporation of Pakistan (TCP) stabilised prices in the cotton market on Friday as the mills increased buying to meet the future demand, specially for the export purpose, dealers said.
The official spot rate maintained its overnight level at Rs 2360, without upcountry expenses. Market sources said that the a deal of 4000 bales of cotton Khanpur done at likely entry of the TCP helped the cotton prices to retain its present levels amid hectic trading, they said. On the other hand, shortage in phutti arrival reports also boosted the prices as ginners preferred to be at the sidelines on expectations of rise in the rate in the near future, they observded.
ACCORDING THE REUTERS: the New York Board of Trade's key March cotton contract rose 0.38 cent to end at 52.75 cents a lb., ranging from 52.30 to 53.25 cents. May add 0.15 to 53.62 cents. Back months gained 0.20 or 0.25 cent.
FOLLOWING DEALS WERE REPORTED: some 800 bales of cotton from Bahawalpur sold at Rs 2375, same figure from Mailsi at the same rate, 400 bales from Alipur at Rs 2400, 2000 bales from Rahimyar Khan at the same rate, 2000 bales from upper Sindh at the same ratae and 4000 bales from Khanpur at Rs 2425.
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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 2360.00 50 2450.00
Equivalent-------------------------------------------------
40 Kgs 2529.00 50 2579.00
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