Quality factor pushed the prices slightly up on the cotton market on Thursday despite the falling trend in the world market, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3200, they said.
In the ready trade, most of the businesses reported between Rs 3250-Rs 3400, they said. In the meantime, the Phutti prices were unchanged at Rs 1500-1625 in both Sindh and Punjab, they added.
Market sources said that prices in the local market were higher due to lack of good quality of cotton. One factor supporting to the local market is that the Indian traders were interested in selling their stuff to the local buyers, they said.
Downward trend was again seen in the NY cotton market as the ICE Futures' open-outcry March cotton contract fell the 3.00-cent limit to settle at 66.83 cents a lb, with the session high at 69.25 cents. On a spot closing basis, it was lowest performance for cotton since late December. The rest lost 3.00 cents as well, with May cotton at 68.61 cents and the new-crop December cotton contract at 74.85 cents. ICE March electronic cotton futures declined 2.78 cents to 67.05 cents at 2:43 pm EST (1943 GMT), moving from 66.83 to 70.16 cents.
THE FOLLOWING DEALS WERE FINALISED: 1200 bales of cotton from Shahdadpur sold at Rs 3250, 1400 bales from Gotki at Rs 3300, 2000 bales from Sadiqabad at Rs 3200-3250, 6000 bales from Rahim Yar Khan at Rs 3225-3400, 4000 bales from Khan Pur at Rs 3250-3400, 2400 bales from Liquatpur at Rs 3150-3250 and 1000 bales from Khanewal at the same rate.
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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 3200.00 50 3250.00
Equivalent-------------------------------------------------
40 Kgs 3429.00 50 3479.00
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