Official spot rate was sharply higher on the cotton market on Saturday as ginners did not show any interest in lowering the prices, dealers said. Rising trend persisted as the Karachi Cotton Association (KCA) official spot rate picked up more Rs 50 to Rs 2725, without upcountry expenses.
In the ready business, a solo deal reported at Rs 2800, which was highest of the season, they said. Mills were in the market to make fresh deals but not at above the psychological level. The ginners were not ready to sell the remaining stock at the lower prices, as they were confident that the rates will go up in the coming days, they added.
The New York cotton market was closed due to the Easter and Good Friday holidays, dealers said. A deal of 1600 bales of cotton from Khanpur struck at Rs 2800.
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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 2,725.00 50 2,775.00
Equivalent-------------------------------------------------
40 Kgs 2,920.00 50 2,970.00
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