Cautious trading was seen on the cotton market on Thursday as mills avoided hectic buying in a bid to halt sharp increase in the prices, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3200, they said.
In the ready trade, prices did not show sharp change and traded between Rs 3250-3400, they said. The Phutti prices were unchanged at Rs 1500-1625 in both Sindh and Punjab, they added. Some brokers said that most of the spinners were on the sidelines ahead of long weekend and the Pakistan Cotton Ginners Association (PCGA) fortnightly report.
The New York cotton futures were down as the ICE Futures' open-outcry March cotton contract slipped 0.38 cent to end at the day's high of 71.31 cents per lb, with the session low at 70.15 cents. May cotton shed 0.47 cent to 73.03 cents. The new-crop December fell 0.45 cent to 79.43 cents. ICE March electronic cotton futures declined 0.64 cent to 71.05 cents at 2:49 pm EST (1949 GMT).
THE FOLLOWING DEALS WERE REPORTED: 800 bales of cotton from Rahim Yar Khan sold at Rs 3250-3300, 600 bales from Liquatpur at Rs 3250, 400 bales from Khanpur at Rs 3300, 800 bales from Sadiqabad at Rs 3250, 2000 bales from Bahawalpur at Rs 3400 and 1000 bales from upper Sindh at Rs 3350-3400.
===========================================================
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 3200.00 50 3250.00
Equivalent-------------------------------------------------
40 Kgs 3429.00 50 3479.00
===========================================================
Comments
Comments are closed.