No deal reported on cotton market

Firm trend was seen on the cotton market on Monday as prices did not fluctuate sharply amid lacklustre activity, dealers said. The Karachi Cotton Association (KCA) official rate was unchanged at Rs 2450, without upcountry expenses. Tug-of-war over the prices kept the leading buyers away from the market, dealers said.
They said that in response to the Trading Corporation of Pakistan (TCP)'s tender the mills offered Rs 2477-2346 for best quality and the corporation received Rs 2250 offer for the inferior type.
They said that the prices may not fluctuate sharply as ginners were not ready to sell cotton below Rs 2500.
Whereas mills were not ready to buy cotton at the high rate in anticipation of fall in prices in the coming days. No deal was reported from any stations, dealers said.

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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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