Cotton market closes without any deal

Mills remained on the sidelines on the cotton market on Saturday due to less buying interest, dealers said. The official spot rate was unchanged at Rs 2425, without upcountry expenses. Cotton prices were mostly drifting in both Sindh and Punjab due to absence of the buyers, dealers said.
ACCORDING TO THE REUTERS: the New York Board of Trade's May cotton contracts lost 1.05 cents to close at 52.65 cents a lb, in a band from 52.56 to 53.57 cents. July shed 0.75 to 54.60 cents. One contract aside, the rest declined 0.45 to 0.61 cent.
Some dealers said that market was dull due to lack of fresh leads, the buyers may return next week to cover their immediate requirements.

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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      2425.00        50                    2475.00

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

40 Kgs         2599.00        50                    2649.00

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