Speculative buying was seen on the cotton market on Friday as mills and spinners were trying to cover their urgent needs, brokers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2900, they added. In the reading business, the deals finalised between Rs 3050-3150, they said.
Phutti prices were higher in Sindh at Rs 1375-1425 and at Rs 1575-1600 in Punjab, they added. The tone was soft but there were some rumours in the market that the prices may touch the season's peak at Rs 3200 in the coming days, dealers said.
Market sources said that mills were interested in the fresh deals to meet their export consignments. They have to buy at the higher rates as the government is trying to increase exports of textile goods, giving several incentives to the textile exporters.
Falling trend was seen in the NY cotton market as the New York Board of Trade's key December cotton contract slid 1.16 cents to finish at 62.79 cents per lb, moving from 62.65 to 64 cents. March eased 1.12 to 65.93 cents. The rest lost from 1.00 to 1.25 cents.
The Intercontinental Exchange NYBOT electronic cotton market saw the December cotton contract fall 1.17 to 62.75 cents at 2:30 pm EDT (1830 GMT), moving from 62.65 to 64.01 cents. The following deals were finalised: 1200 bales of cotton from Sultanabad at Rs 3050, 400 bales from Tando Adam at Rs 3060-3100, same figure from Rs 3050-3065, 200 bales from Mirpurkhas at Rs 3075, 400 bales from Sultanabad at Rs 3095, 200 bales from Sahiwal at Rs 3150 and same figure from Bahawalpur at same rate.
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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 2900.00 50 2950.00
Equivalent-------------------------------------------------
40 Kgs 3108.00 50 3158.00
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