Spot rate failed to maintain its firmness amid issuance of the Pakistan Cotton Ginners Association (PCGA) fortnightly report, dealers said on the cotton market on Saturday. The official spot rate was reduced by Rs 50 to Rs 3250, they said. Phutti prices in both Punjab and Sindh were at Rs 1600-1700, they added. In ready, the highest rate was at 3400, they added.
According to the leading brokers, nearly 8000 bales from Sadiqabad were reported sold at Rs 3,500 on the L-C basis. According to phutti arrivals figures released by Pakistan Cotton Ginners Association (PCGA) for fortnight ended on December 31, 2008, over 9.7 million bales arrived at the ginneries. Leading cotton analysts were of the opinion that the prices may move both ways in the coming days after the good arrivals figures.
On Friday, NY cotton futures closed slightly easier as the market pulled back after surging to a two-month high and fibre contracts may need to consolidate lower next week after rallying late in 2008. March cotton contract declined 0.11 cent to end at 48.91 cents per lb after moving from 46.04 to 49.44 cents. Volume traded in the March contract was at 5,194 lots at 2:34 pm EST (1934 GMT).
FOLLOWING DEALS WERE REPORTED: 200 bales from Shadadpur at Rs 3210, 400 bales from Mirpur Khas at Rs 3210, 400 bales from Nawabshah at Rs 3200, 400 bales from Moro at Rs 3200, 3000 bales from Upper Sindh at Rs 3300, 1000 bales from Liaquatpur at Rs 3250, 1000 bales from Haroonabad at Rs 3300, 600 bales from Bahawalpur at Rs 3300, 600 bales from Burewala at Rs 3300, 2600 bales from Lodhran at Rs 3225-3250, 4000 bales from Jahania at Rs 3250, 1000 bales from Jalalpur at Rs 3250, and 1000 bales from Sadiqabad at Rs 3400.
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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 3,250.00 100 3,350.00
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Equivalent
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40 Kgs 3,483.00 100 3,583.00
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