Buyers remain away as ginners stick to asking prices

Firm trend was seen on the cotton market on Saturday ahead of the Trading Corporation of Pakistan (TCP)tender opening, brokers said. The official spot rate was unchanged at Rs 2600, without upcountry expenses.
Market sources said that leading buyers were conspicuous by their absence. The ginners may lower the asking prices as the new cotton crop has started arriving in the market. The good news likely to force the ginners to change their behaviour towards prices, they said. It would be interesting to see, under the circumstances, how the prices fluctuate at the TCP auction, they added.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark December cotton contract slumped 1.28 cents to settle at 51.88 cents per lb, moving from 53.15 to a new lifetime low of 51.20 cents. The rest fell 0.87 to 1.65 cents.

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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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