No change was seen in the existing dullness on the cotton market on Monday as mills and spinners failed to strike any deal in the absence of motivating factors, dealers said. The official spot rate was unchanged at Rs 3250, they said. The phutti prices in both the Punjab and Sindh were at Rs 1550-1650, they added.
Market sources said that despite having small unsold stock, the ginners were worried about the stuff as under the circumstances it appears as if there were no buyers but sellers. Hovering uncertainties about the economic and political conditions locally and globally made them unable to think about any positive development in the near future, they added. They said that fall in world economic activities caused sluggishness in the domestic trade, they said.
THE FOLLOWING DEALS WERE REPORTED: 400 bales of cotton from Sinjhoro at Rs 3050 and same figure from Rahimyar Khan at Rs 3325, 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 3,250.00 100 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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