Firm trend was again witnessed on the cotton market on Wednesday as prices almost maintained the overnight level in modest trading, dealers said. The official spot rate was unchanged at Rs 2525, without upcountry expenses.
Market sources said that most of buyers kept on the sidelines due to Trading Corporation of Pakistan (TCP).
Commenting on the measures taken by the government to improve quality and achieve the export target, cotton analysts said that the government provided a lot of facilities to the textile sector exporters.
The exporters had asked Rs 50 billion and got Rs 25 billion package, besides, freight subsidy on exports of new products and on exploring new markets. Additionally, they are given 1.5 percent export refinance etc, they added.
ACCORDING TO THE REUTERS: the New York Board of Trade's December cotton contract jumped 1.41 cents to end at 54.17 cents per lb, moving from 52.25 to 54.50 cents.
It was the highest close for the contract since June 28 when it ended at 54.20 cents. March gained 1.35 to 57.11 cents.
Following deals were reported : 200 bales of cotton from Mirpurkhas sold at Rs 2425, same number from Sultanabad (new crop) at Rs 2400 for August 20, delivery, equal number from the same station at Rs 2425 for August 25, delivery and 200 bales from Sanghar at Rs 2400 (new crop).
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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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