Modest business was seen in the cotton market on Wednesday though mills and spinners continued buying on expectations of rising trend in the prices, dealers said.
The official spot rate maintained its overnight level at Rs 2400, without upcountry expenses. In Sindh cotton prices were at Rs 2100-2425 and Punjab variety was trading at Rs 2300-2425, they said.
The seed-cotton prices were at Rs 900-1130 both from Sindh and Punjab, dealers said. The cotton market may continue its present trend till the arrival of the Pakistan cotton ginners association (PCGA) report, they added. A deal of 600 bales of cotton from Bahawalpur was finalised at Rs 2450, they said.
According to the market sources, nothing was new as both buyers and sellers adopt cautious attitude these days to run their businesses.
Reports of the Trading Corporation of Pakistan (TCP) intervention in the market to stabilise cotton prices really helped the market, they said.
ACCORDING TO THE REUTERS: the New York Board of Trade's key March cotton contract increased 0.28 cent to finish at 53.69 cents a lb., in a band from 53.30 to 53.75 cents. May added 0.27 cent to 54.27 cents. The rest gained 0.25 to 0.60 cent.
FOLLOWING DEALS WERE FINALISED: 1000 bales of cotton from Jahanian at Rs 2400-2414, 2000 bales from Bahawalpur at Rs 2400-2425, 1000 bales from Noorpur at the same rate, 1000 bales from Rahimyar Khan at Rs 2415-2425 and 500 bales from Hyderabad at Rs 2350-2375.
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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 2400.00 50 2450.00
Equivalent-------------------------------------------------
40 Kgs 2545.00 50 2595.00
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