Thin business was seen on the cotton market on Tuesday as mills were interested in new purchasing but the ginners were on the sidelines in anticipation of further rise in the prices, some brokers said.
The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3300. Phutti prices in both Sindh and Punjab held the overnight levels at Rs 1200-1600, they said. Some 2300 bales of cotton transacted between the rate of Rs 3350-3400, they said.
Some cotton analysts were of the view that the prices may fluctuate in the near future as ginners held the unsold stock to sell at the higher rate. The New York cotton futures were lower as the ICE Futures' May cotton contract eased 0.14 cent to conclude at 74.02 cents per lb, trading from 73.07 to 74.41 cents.
The new-crop December cotton futures shed 0.02 to end at 85.06 cents, dealing from 83.92 to 85.40 cents. The following deals reported as some 710 bales of cotton from Sadiqabad sold at Rs 3400, 600 from Kazi Ahmed at Rs 3400 and 1000 bales from Bucheri at Rs 3350, 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 3300.00 50 3350.00
Equivalent-------------------------------------------------
40 Kgs 3537.00 50 3587.00
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