Modest trading was seen on the cotton market on Saturday as some mills made fresh purchasing as prices were matching with their psychological levels, dealers said. The Karachi Cotton Association (KCA) official spot rate was down by Rs 25 to Rs 2625, without upcountry expenses.
Some deals finalised between Rs 2500-2525, they said. Market sources said that the ginners might show some flexibility in their attitude by lowering the asking prices.
The mills have big scope after having an idea of good production in the coming season. They have already imported cotton to meet the near term needs and still are engaged in inquiring fur better quality of cotton at the cheaper rates, dealers said.
If the weather will be favourable for the cotton production, the next target of 14.4 million bales is looking not difficult to achieve, they added. Downward trend was seen at the NY cotton market, as the New York Board of Trade's open-outcry July cotton contract fell 0.57 cent to conclude at 50.48 cents per lb., in a tight band from 50.35 to 50.75 cents. The new-crop December cotton contract slipped 0.23 to 56.43 cents.
The rest lost from 0.10 to 0.50 cent. Intercontinental Exchange's NYBOT electronic cotton market showed the July contract down 0.48 cent at 50.57 cents at 2:41 pm. The following deals were finalised: 200 bales of cotton from Sultanabad sold at Rs 2500 (August delivery), 400 bales from Gambat at Rs 2525 and 600 bales from Sahghar at Rs 2250, they said.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 2,625.00 50 2,675.00
Equivalent-------------------------------------------------
40 Kgs 2,813.00 50 2,863.00
===========================================================
Comments
Comments are closed.