A couple of deals were reported on Friday, the day when low trading is seen, as sellers/buyers halted activity to see what 2004-05 budget has stored for them, relevant sources said.
The official spot rate was left unchanged at Rs 3075 without ST and upcountry expenses.
The two deals were from Punjab and Sindh and were priced between Rs 3150 and Rs 3200.
The signal from New York trading was that cotton futures rose sharply. July was up 1.58 cents to 58.17 and October up 1.30 cents to 58.60 cents a pound.
Meanwhile, rise in world cotton prices had little importance in view of the 2004-05 budget which is expected to be favourable to major players, Naseem Usman, cotton consultant said.
He said textile manufacturers have been expecting reduction in taxes including sales tax.
He said that new crop phutti has also started to reach the ginneries from stations like Jhaddo, Tando Jam Muhammad and Degree. Production, he said, is stated to be bumper if all went as at present.
Two deals struck were 1600 bales of Jalalpur at Rs 3200 and 400 bales of Chandu Goth at Rs 3150.
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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 3075.00 3536.25 50 3586.25
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3295.00 3789.25 50 3839.25
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