Slackened activity was again witnessed on the cotton market on Monday ahead of Eid-e-Milad-un-Nabi holiday, 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.
According to the market sources despite some facilities to the textile sector, no change was seen in the present scenario. In fact, dullness was persisting in the absence of proper participation by the mills, they said. Ginners are fed up with the circumstances as they have failed to dispose of stock with them, facing financial problems, they said.
It appeared that present concessions for the textile sector, the expiry of anti-dumping duty period on the exports of bed linen to the European Union and some other facilities failed to give any boost to the trading activity, some experts said. A deal of 4000 bales from Khanpur was struck at Rs 3300, 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 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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