Firm trend was seen on the cotton market on Saturday as ginners did not show any change in their stance over the prices, dealers said. The spot rate was unchanged at 2525, without upcountry expenses.
Market sources said that the mills were buying cotton with slow pace in anticipation of falling trend in the prices during the days to come. But ginners were not showing flexibility in their attitudes due to short position of the unsold cotton stock, they said.
ACCORDING TO THE REUTERS: the New York Board of Trade's July cotton contract eased 0.21 cent to finish at 52.61 cents per lb, moving from 52.60 to 53.48 cents.
New-crop December rose 0.01 to 58.14 cents, in a band from 58 to 58.70 cents.
It was the best close for the contract since trading above 58 cents in mid-April. The rest were 0.10 cent firmer to 0.05 cent softer. No deal was reported on Saturday.
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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 2525.00 50 2575.00
Equivalent-------------------------------------------------
40 Kgs 2706.00 50 2756.00
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