Some mills were active in the cotton market on Monday to cover the forward buying in anticipation of expected rise in the prices as a result of short aupply, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3000, they said.
In ready business, prices fluctuated between Rs 2975-3175, some traders said. Phutti prices in Sindh showed no change in the overnight levels at Rs at 1350-1400 and in Punjab the rates were at Rs 1350-1450, dealers said.
According to the market sources, transportation was the basic problem, which caused subdued business. It is expected that the trading activity may fall further in the coming days, they said.
The following deals were reported: 800 bales of cotton from Hala sold at Rs 3050, 1600 bales from Shahdadpur at Rs 3025-3100, 2000 bales from Daharki at Rs 3190-3200 (one month credit), 400 bales from Alipur at Rs 3150 same figure from Rajanpur at the same rate and 500 bales from Bhawalpur at Rs 3100, they 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 3000.00 50 3050.00
Equivalent-------------------------------------------------
40 Kgs 3215.00 50 3265.00
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