Steady trend was seen on the cotton market on Saturday as most of the mills were still busy in forward shopping ahead of Eid holidays, dealers said. The official spot rate was unchanged at Rs 3950, they said. Phutti prices in Sindh were at Rs 1900-1950 and in Punjab, the rates were sharply higher at Rs 1825-1925, they said.
According to the market sources, prices maintained a firm trend as demand was increased by the mills and spinners to cover the pre and post holidays purchasing. The ginners were looking satisfied as prices resisted decline after the sharp arrival of phutti. It was the mills' buying, which helped in stabilising the prices. It seems that prices may move both way in the near futures, they added.
On Friday, the NY cotton futures ended sharply higher on investor buying stoked by a US plan to stop the rout in global financial markets, but brokers said prospects into next week remain distinctly uncertain. The benchmark December cotton contract climbed 1.76 cents to close at 62.52 cents per lb, trading from 61 to 62.86 cents.
March increased by 1.67 cents to 67.01 cents. Volume traded in the December contract stood at 9,529 lots. The following deals were reported : 3600 bales of cotton from Shahdadpur sold at Rs 3975-4000, 2000 bales from Tando Adam at Rs 3975-4000, 1000 bales from Hala at Rs 3975, 1400 bales from Mirpurkhas at Rs 3940-3965, 600 bales from Hyderabad at Rs 3975, 600 bales from Nawabshah at Rs 3975, 1000 bales from Khanewal at Rs 3970-3975, 1000 bales from Burewala at Rs 3950-3975, 1200 bales from Pakpattan at Rs 3925-3950, 600 bales from Arifwala sold at Rs 3950, 400 bales from Bhawalnagar at Rs 3925-3950, 600 bales from Chichawatni at Rs 3925-3950, 400 bales from Jahania at Rs 3950 and 400 bales from Lodhran at Rs 3950, dealers 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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37.324 Kgs 3,390.00 100 4,050.00
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Equivalent
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40 Kgs 4,233.00 100 4,333.00
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