Modest business was seen in the cotton market on Thursday as prices maintained a firm trend due to tight supply position, dealers said. The official spot rate was unchanged at Rs 2425, without upcountry expenses.
According to the market sources, some mills were active and covering their short-term needs, on the other hand ginners were not prepared to lower the asking prices.
Cotton analysts said that this is the leading reason behind the thin business and it seems that the prices may not fluctuate sharply in the coming days.
REUTERS ADDS: the New York Board of Trade's July cotton contract lost 0.69 cent to end at 50.44 cents a lb, near the bottom of its 50.30 to 51.05 cents band. New-crop December fell 0.56 to 54.89 cents. The rest shed 0.30 to 0.58 cent.
Following deals were reported : some 2000 bales of cotton from upper Sindh sold at Rs 2450 and 1500 bales from Fazilpur at Rs 2475.
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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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