Prices maintained firm posture on cotton market on Tuesday despite continued fall in the NY cotton futures, dealers said. The official spot rate was unchanged at Rs 3200, they said. Phutti prices in both Punjab and Sindh were at Rs 1600-1750, they added. In ready trade, the highest rate was at 3400, they added.
According to market sources, the mills were busy in fresh buying due to quality factor, and ginners were trying to increase prices ahead of Trading Corporation of Pakistan (TCP) tender.
This was the main factor behind the stable trend in the local market as there were some rising anticipations that prices may show softness due to downward trend in NY cotton market. But mills' fresh interest did not allow the prices to look down. Actually, they had no choice just to indulge in bargaining with the ginnners, they said.
On Monday, NY cotton futures crumbled from investment fund sales to settle lower. Key March contract fell 2.65 cents or by 5.37 percent to finish at 46.67 cents per lb, trading between 46.58 and 49.98 cents. The volume traded in March contract was 13,156 lots at 2:44 pm EST (1944 GMT). The May contract retreated 2.48 cents to conclude at 47.37 cents.
Following deals were reported: 1400 bales from Rohri at Rs 3230-3275, 400 bales from Rajanpur at Rs 3300, 1000 bales from Saleh Pat at Rs 3240-3275, 800 bales from Yazman at Rs 3250-3300, 400 bales from Mirpur Khas at Rs 3100, 400 bales from Sadiqabad at Rs 3200, 2800 bales from Rahim Yar Khan at Rs 3200-3400, 400 bales from Khanpur at Rs 3200, 600 bales from Shadan Lund at Rs 3200, 600 bales from Ghazi Ghat at Rs 3300, 1500 bales from Ahmedpur at Rs 3250-3400, 400 bales from Fazilpur at Rs 3300, and 1000 bales from Mian Channu at Rs 3325.
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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 3,200.00 100 3,300.00
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Equivalent
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40 Kgs 3,429.00 100 3,529.00
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