Modest trading was witnessed on the cotton market on Wednesday as some mills made urgent buying to meet their urgent requirement, dealers said. The Karachi Cotton Association (KCA) official spot was unchanged at Rs 2600, without upcountry expenses.
In the ready business deals struck between Rs 2625 and Rs 2675, they said.
Delay in wheat harvesting, causing the late sowing of the cotton crop nearly by two weeks in Sindh as a result of untimely rains all over the country. In Punjab, the cotton growers were facing the same problem, dealers said.
Prevailing situation may create confusions among the mills and spinners because this uncertainty could push the prices further higher in days to come, cotton analysts said.
THE REUTERS REPORTS: the New York Board of Trade's May cotton contract fell 0.41 cent to close at 53.30 cents per lb, moving from 53.25 to 54.45 cents.
July lost 0.44 to 54.20 cents. The back months were flat to 0.40 cent lower. The Intercontinental Exchange's NYBOT electronic market for cotton showed the May contract down 0.41 cent to 53.30 cents at 2:39 pm EDT (1839 GMT), moving from 53.20 to 54.44 cents.
THE FOLLOWING DEALS WERE REPORTED: 2000 bales of cotton from upper Sindh sold at Rs 26252-675 and 100 bales from Khanpur 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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