Not a single deal was reported on Wednesday as the continuous rains and heavy floods played havoc in some parts of the country, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
In the meantime, a few deals said to have been struck but could not be confirmed from the ginners. Some brokers said that it is possible that the mills may have paid the ginners above the asking prices for the low type cotton due to delay in picking operation owing to continued rains in the cotton belt. The ginners have with yhem only 50,000 bales of unsold cotton, they added.
The New York cotton futures gave up the overnight weakness, gaining ground as the New York Board of Trade's key December cotton contract settled up 0.66 cent at 61.45 cents per lb, after trading between 61.00 and 61.70 cents. The back months closed up 0.60 to 0.70 cent.
Intercontinental Exchange's NYBOT electronic cotton market showed the December contract up 0.46 cent at 61.25 cents at 2:50 pm EDT (1850 GMT). The US Department of Agriculture is expected to declare a total area of 11.72 million acres under cotton in its report on Friday, showing a drop of about 430,000 acres from a March survey, industry analysts said.
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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 2600.00 50 2650.00
Equivalent-------------------------------------------------
40 Kgs 2786.00 50 2836.00
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