Some mills imported 200,000 bales of cotton for the next year and this factor dominated the cotton market as most of the spinners remained on the sidelines, dealers said on Monday. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2725, without upcountry expenses.
The rates could not be quoted in absence of report of any deal from any station, they said. According to the chairman of the Karachi Cotton Brokers Association (KCBA), the mills were importing cotton from global markets for the next year due to lower rate as compared with the local stuff.
If the ginners realise the fact, they may cut down the asking prices, otherwise after the entry of the Trading Corporation Pakistan (TCP), the mills will be in commanding and bargaining position, other brokers said. The Pakistan Cotton Ginners Association (PCGA) will release its report on May 1, 2007.
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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 2725.00 50 2775.00
Equivalent-------------------------------------------------
40 Kgs 2920.00 50 2970.00
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