The official spot rate was lower modestly in the cotton market on Thursday as ginners were trying to sell the wet cotton, dealers said. The official spot rate shed Rs 25 to Rs 2475, without upcountry expenses.
The ginners would not keep the wet cotton with them for long as that will not pay. Picking operations accelerated as the rains stopped in the cotton areas, they observed. No positive news appeared from the recent rains was also a factor, which pushed prices lower, they added.
The Trading Corporation of Pakistan (TCP) has received the bids of 48, 000 bales of cotton against the tender for 48,000, the highest bid by the local buyers was at Rs 2356 and lowest at Rs 2276, dealers said. The exporters offered highest rate at 48.43 cents per pound and the corporation received 47.57 for the lower type, they added. In the meantime, the cotton futures moved up slightly ahead of the US cotton production data this week.
ACCORDING TO THE REUTERS: the New York Board of Trade's December cotton contract edged 0.13 cent higher to close at 56.66 cents per lb, after trading from 56.40 to 56.95 cents. March added 0.10 to 59.45 cents, and the rest, with the exception of October, which fell 0.05 cent, rose 0.01 to 0.15 cent.
FOLLOWING DEALS WERE REPORTED: some 900 bales of cotton from the Mirpurkhas done at Rs 2460-2475, 200 bales from Tando Alahyar finished at the same rate and 400 bales from Tando Adam at Rs 2475-2500.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 2475.00 50 2525.00
Equivalent-------------------------------------------------
40 Kgs 2652.00 50 2702.00
===========================================================
Comments
Comments are closed.