Upward trend persisted on the cotton market on Saturday as ginners were not ready to oblige the mills in view of the rising perception of short crop, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3175, dealers said.
In Sindh and Punjab phutti rates were at Rs 1575-1625, dealers said. In the ready business, prices picked up Rs 25 to Rs 3300, they added. According to the official figure released by the Pakistan Cotton Ginners Association (PCGA), the arrival of Phutti from Sindh stood at 1.743 million bales upto November 15, 2007, which is 261,000 above compared with the same period previous year.
Total figure of phutti arrival till November 15 is estimated at 6.2 million bales of cotton, which is o.5 million less than the last year, dealers said. Falling trend in the NY cotton market did not materialise in the local market, and it seems that the rates may not show soft trend in the near future, they said.
The trend in the New York cotton market was down as the ICE Futures open-outcry December cotton fell 0.80 cents to finish at 60.90 cents per lb, trading from 60.70 to 61.85 cents. The spot contract was the lowest close since October. The now key March contract shed 0.34 cent to 66.14 cents, moving from 66.02 to 66.70 cents. The ICE March electronic cotton contract lost 0.44 cent to 66.04 cents at 2:54 pm EST (1954 GMT), dealing from 66 to 66.90 cents.
The following deals were finalised: 2000 bales of cotton from Shahdadpur sold at Rs 3200, 400 bales from Sanghar at Rs 3175, 400 bales from Kazi Ahmed at Rs 3175, 1000 bales from Khairpur at Rs 3250, 1000 bales from upper Sindh at Rs 3250, 5000 bales from Rahimyar Khan at Rs 3300, 1000 bales from Sadiqabad at Rs 3250-3275, 1000 bales from Rajanpur at Rs 3250-3300, 2000 bales from Shujabad at Rs 3300, 1600 bales from Mian Chunnu at Rs 3275, 1200 bales from Alipur at Rs 3275, 1200 bales from Layyah at Rs 3275, 400 bales from Gajjo at Rs 3250, 200 bales from Chichawatni at Rs 3275, 400 bales from Pul Bahar at Rs 3265, 400 bales from Lodran at Rs 3225-3250, 1000 bales from Mohammadpur Dunia at Rs 3250, 600 bales from Dera Gazi Khan at Rs 3250, 200 bales from Vehari at Rs 3225, 200 bales from Qatubpur at Rs 3225, 2000 bales from Ahmedpur at Rs 3250 and 2000 bales from Bhawalpur at Rs 3250, 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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37.32 Kgs 3175.00 50 3225.00
Equivalent-------------------------------------------------
40 Kgs 3403.00 50 3453.00
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