Mills and spinners were conspicuous by their absence on the cotton market on Saturday, dealers said. The official spot rate held the overnight level at Rs 6,800, they added. In the ready session, no any deal was reported as participants preferred to be sidelined due to arrivals of seed cotton in a very little number, dealers said. On the other hand, the quality factor also kept them away from the fresh deals, they said.
The buyers were waiting for good quality at the reasonable rates, some analysts said. Textile traders were feared due to loss in their business following the taxes, announced some days ago, they added.
Reuters adds: Benchmark cotton futures edged down on Friday for a slight weekly loss, after a string of choppy sessions dominated by liquidation from the July contract ahead of its delivery period. The most-active December cotton contract on ICE Futures US closed down 0.05 cent, or 0.6 percent, at 77.08 cents a lb. The contract touched a more than four-month low of 76.10 cents a lb this week. The July contract, which expires on July 9 and enters delivery period next week, settled down 0.2 cent, or 0.2 percent, at 88.16 cents a lb.
===========================================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
---------------------------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
---------------------------------------------------------------------------
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 20.06.2014
===========================================================================
37.324 Kgs 6,800 155 6,955 6,955 NIL
---------------------------------------------------------------------------
Equivalent
---------------------------------------------------------------------------
40 Kgs 7,288 155 7,443 7,443 NIL
===========================================================================
Comments
Comments are closed.