A solo deal was reported on the cotton market on Friday as main participants were conspicuous by their absence, dealers said. The official spot rate was unmoved at Rs 3200, they said. The phutti prices in both the Punjab and Sindh were at Rs 1550-1650, they added.
Some cotton analysts were of the view that to meet the export requirements need may arise to import cotton due to quality factor. Ginners have unsold cotton but all of lower quality, they said. In the meantime, the ginners are under pressure and lowering the prices to dispose off unsold cotton, they added.
On Thursday, the NY cotton futures vaulted to a firm close on a combination of fund buying and strength in outside markets, with brokers saying fibre contracts could grind up in the days ahead. The key May cotton contract surged 1.07 cents, or by 2.55 percent, to end at 42.83 cents per lb, trading from 41.42 to 42.89 cents. July added 0.96 cent to 43.96 cents. Volume traded in the May contract was at 6,240 lots at 2:35 pm EDT (1835 GMT). Only one deal was reported as some 200 bales of cotton from Mirpurkhas sold at Rs 3100, 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 3,200.00 100 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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