Cotton prices remain range-bound in active trade

Active trading was seen on the cotton market on Saturday as most of the mills covered the near-term needs, dealers said. The Karachi Cotton Association (KCA) official spot rate maintained its overnight levels at Rs 3000, they added. In the ready business deals finalised between Rs 3175-3200, they said.
Phutti prices in Punjab and Sindh were at Rs 1500-1510, they added. Some brokers said that the mills were covering their immediate requirements but it seems the spinners may not oblige the ginners on anticipation of some fall in the prices.
The NY cotton futures were higher as the New York Board of Trade's key December cotton contract settled 0.31 cent higher at 64.89 cents per lb., moving from 64.45 to 65.00 cents. March cotton was up 0.36 at 68.00 cents. The rest gained 0.05 to 0.45 cent.
The Intercontinental Exchange NYBOT electronic cotton market saw the December cotton contract climb 0.32 cent to 64.90 cents at 2:40 pm EDT (1840 GMT), moving from 64.42 to 64.98 cents.
THE FOLLOWING DEALS WERE FINALISED: 100 bales of cotton from Mirpirkhas sold at Rs 3200, same figure from Sanghar at Rs 3200, 400 bales from Pakpattan at Rs 3175-3200, 400 bales from Chichawatni at the same rate, 200 bales from Mianchuno at Rs 3175-3200, 400 bales from Arifwala at the same rate, 200 bales from Bahawalnagar at Rs 3175, same number from Sahiwal at Rs 3175 and same figure from Dolatpur at Rs 3200.600 bales from Tando Adam at Rs 3200-3225, 400 bales from Mirpurkhas at Rs 3200, same figure from Vehari at Rs 3175-3200, same figure from Chichawatni at Rs 3175-3200 and 200 bales from Burewala at Rs 3225.

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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      3000.00        50                    3050.00

Equivalent-------------------------------------------------

40 Kgs         3215.00        50                    3265.00

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