The feature of the day was modest fall in the official spot rate just after staring the trade in new crop for 2007-08 season, dealers said at the cotton market on Thursday. The Karachi Cotton Association (KCA) official spot rate after maintaining a firm posture, sheds Rs 25 to Rs 2700, without upcountry expenses.
The deals ready business were finalised between Rs 2600-2765, they said. According to the market sources both the buyers and sellers were active covering the immediate needs as the trade of new crop for the next season 2007-08 started.
Most of the deals stuck in fine quality and it appeared that the ginners might lower the prices of inferior type to dispose them as early as possible. They may not decline the rates of fine quality, they added.
According to the Reuters: the New York cotton futures gave up vulnerability as the New York Board of Trade's open-outcry July cotton contract rose 0.51 cent to finish at 51.23 cents per lb, dealing from 50.72 to 51.40 cents. The new-crop December contract gained 0.35 to 56 cents, moving from 55.70 to 56.35 cents. Back months increased from 0.15 to 0.40 cent.
Intercontinental Exchange's NYBOT electronic platform for cotton showed the July contract up 0.48 cent to 51.20 cents at 2:30 pm moving from 50.72 to 51.40 cents. The following deals were reported: 3000 bales of cotton from Kairpur sold at Rs 2600-2625, 2000 bales from Punjab cotton at Rs 2765 (mill to mill) and 600 bales from Sindh cotton at Rs 2750 (Karachi delivery-exporter to mill).
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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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