Modest business was seen on the cotton market on Tuesday as some mills showed interest in fresh buying, dealers said. The official spot rate was unchanged at Rs2500, without upcountry expenses. According to market sources, a few mills covered their short-term needs as rains stopped in belt areas. Ginners preferred to sell unsold cotton stock under the circumstances, they said.
The Trading Corporation of Pakistan (TCP) issued tender to sell 32,000 bales of cotton on August 3, 2006. The mills may take part in the auction to cover the forward buying, they said.
REUTERS ADDS: the New York Board of Trade's December cotton contract fell 0.26 cent to end at 55.28 cents per lb, in a band from 54.28 to 55.54 cents. March shed 0.16 to 58.24 cents. One contract aside, the rest were flat to up 0.30 cent.
Following deals reported on Tuesday as 2500 bales of cotton from Mirpurkhas sold at Rs 2500, 300 from same station at Rs 2470, 200 from Sanghar at Rs 2500 and 200 from Tandoadam at Rs 2500.
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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 2500.00 50 2550.00
Equivalent-------------------------------------------------
40 Kgs 2679.00 50 2729.00
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