Prices remain range bound in thin trade on cotton market

Firmness persisted on the cotton market on Saturday as phutti prices moved with modest gain amid slow trading, dealers said. The official spot rate firmly held at overnight levels at Rs 2950, they said. While, the phutti prices inched up with modest gain in both Sindh and Punjab at Rs 1425-1525, they said.
Commenting on the lean business as compare to last sessions, cotton analysts said that now the ginners were not lowering the asking prices as the mills were demanding cotton below their psychological levels. If the ginners did not change their attitude towards the prices, the tug-of-war condition may prevail during the next session, they said.
On Friday, the New York cotton futures closed mixed in mostly switch trade but confidence remained shaky and a further drubbing for fibre contracts seems likely in the days ahead, brokers said.
The key December cotton contract fell 0.27 cent to finish at 41.03 cents per lb, dealing from 41.01 to 43.15 cents. Volume traded in the December contract was at a meager 4,839 lots at 2:45 pm (1945 GMT). The March cotton contract rose 0.65 cent to conclude at 42.51 cents.
The following deals were reported: 400 bales of cotton from Mirpurkhas sold at Rs 2900, 1000 bales from Sanghar at Rs 2800-2850, 1000 bales from Shahdadpur at Rs 2850-2900,400 bales from Dadu sold at Rs 2925, 400 bales from Hala at Rs 2925, 600 bales from Upper Sindh at Rs 3100, 200 bales from Tandla at Rs 3000, 400 bales from Mianwali at Rs 3000-3050. 200 bales from Jampur at Rs 3000, 400 bales from Mian Channu at Rs 3050. 400 bales from Jalalpur at Rs 3050, 200 bales from Liaquatpur at Rs 3050, 400 bales from Chistian at Rs 2975, 600 bales from Uch Sharif at Rs 3100, 200 bales from Bahawalpur at Rs 3100, 800 bales from Mamoonpur at Rs 3075, 200 bales from Dera Ghazi Khan at Rs 3050. 400 bales from Gojra at Rs 3050, 800 bales from Rajanpur at Rs 3075 and 200 bales from Hasilpur at Rs 3050, 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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37.324 Kgs     2,950.00      100                   3,050.00

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Equivalent

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40 Kgs         3,162.00      100                   3,262.00

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