Steady trend was witnessed on the cotton market on Tuesday as some mills were active to cover their immediate needs at lower prices, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2650, without upcountry expenses. Some deals were reported between Rs 2525-2640, they said.
According to the market sources some mills purchased cotton as the rates were matching with their psychological levels. As a whole, leading spinners were on the sidelines in expectation of soft trend in the prices, but it appeared that the ginners intentionally were not bringing down prices of fine types due to small stock with them.
Firm trend in the international cotton markets, strengthened the stance of the ginners, besides, they have only 0.2 million bales of unsold cotton stock, analysts said. The following deals were reported as some 400 bales of cotton from Sultanabad sold at Rs 2525 (15 to 20 August delivery), 1300 bales from Jalalpur at Rs 2625 and 170 bales of cotton from Gotkhi at Rs 2640.
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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 2,650.00 50 2,700.00
Equivalent-------------------------------------------------
40 Kgs 2,840.00 50 2,890.00
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