Sluggish business was seen on the cotton market on Monday as nearly all the commercial centres reopened after observing holiday on account of Youm-e-Ashura, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3200, they said.
In the ready trade, only two deals reported at Rs 3250, they said. The phutti prices were unchanged at Rs 1500-1625 in both Sindh and Punjab, they added. There was no business activity in the normal way as a few spinners were in the market to cover the forward deals. Normal trade activity may begin within a couple of days. But it is most likely that the prices may not go up sharply despite the market anticipation of short crop during the current session, they added.
The following deals were reported at the same rate of Rs 3250, some 1000 cales of cotton from Rahim Yar Khan and nearly 400 bales from Liaquatpur at the mentioned 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 3,200.00 50 3,250.00
Equivalent-------------------------------------------------
40 Kgs 3,429.00 50 3,479.00
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