Needy spinners lifted nearly 5000 bales of cotton on Tuesday as prices were low enough to suit their export parity relevant sources said.
The real hitch which spinners these days have is the fast evaporating quality cotton and high prices, they added.
The official spot rate of grade III cotton was unchanged at Rs 2850, without ST and upcountry expenses.
New York cotton futures turned mixed. May gained 0.23 cent to 64.18 and July shed sharply 1.63 cents to 62.17 cents a pound.
In ready, nearly 5000 bales of cotton changed hands at prices between Rs 2100 and Rs 3025 per maund.
The ginners have hurled a veiled threat to the spinners, saying that next season's ginning would be started late by one month. The spinners might thus expedite buying cotton to continue covering their requirements.
Following deals were reported: 400 bales of Gojra at Rs 2100; 1000 bales of Buchehri at Rs 2850; 1000 bales of Nawabshah at Rs 3000/3025; 200 bales of Kabirwala at Rs 3025; 200 bales of Kachalo at Rs 3025; and 400 bales of Ahmedpur at Rs 3000.
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 2850.00 3277.50 50 3327.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3054.00 3512.10 50 3562.10
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