Lean business on cotton market

Most of the mills were on the sidelines on the cotton market on Saturday owing to declining trend in prices, dealers said. The official spot rate was unchanged at Rs 2450, without upcountry expenses.
In Sindh and Punjab, prices depicted firmness on spinners' demand, dealers said. Some brokers said that the mills were enjoying the circumstances, while on the other hand, ginners were willingly to lowering prices to attract buyers.
But the mills were showing interest in best quality cotton to meet export needs, they said.
REUTERS SAID: The New York Board of Trade's May cotton contract shed 0.43 cent to finish at 54.06 cents a lb, trading from 54.05 to 54.55 cents. July fell 0.48 to 55.30 cents. One contract aside, the rest lost 0.20 to 0.40 cent.
Following solo deal was reported: 1260 bales from Rahimyar Khan sold 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      2450.00        50                    2500.00

Equivalent-------------------------------------------------

40 Kgs         2626.00        50                    2676.00

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