Cautious buying was seen on the cotton market on Saturday amid issuance of new tender by the Trading Corporation of Pakistan (TCP), dealers said. The official spot was unchanged at Rs 2600, without upcountry expenses.
Several buyers were in the market to make new deals but failed to do so as ginners were not ready to lower the asking prices, brokers said. They said that the TCP issued new tender of 42,000 bales of cotton and will open tender on July 10,2006. The mills were on the sidelines, with a mind to participate in purchasing of cotton stock from the corporation.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark December cotton contract climbed 0.50 cent to settle at 54.16 cents per lb, moving from 53.05 to 54.20 cents. The rest went up 0.15 to 0.45 cent.
A solo deal was reported as 1000 bales of cotton from Rahimyar Khan wee sold at Rs 2675.
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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 2600.00 50 2650.00
Equivalent-------------------------------------------------
40 Kgs 2786.00 50 2836.00
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