Cotton market closes sans any deal

No change was seen in the obtaining outlook on cotton market on Saturday as the ginners were not looking to oblige their counterparts following the continued gains in the NY cotton future, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
Market sources said that the spinners were worried about the new taxes, announced last week. Besides, the ginners attitude towards the prices was also a factor which caused jitters among the spinners. After expectations of good crop for the coming season, the ginners lowered the asking prices and selling the fine types below their psychological levels, they said.
Firm trend was seen in the NY cotton market as the New York Board of Trade's open-outcry July cotton contract increased 0.92 cent to end at 54.92 cents per lb., moving from 54.05 to 55.10 cents. It was the highest close for cotton since trading above 55 cents in March. The new-crop December cotton contract rose 0.67 to 59.68 cents.
The rest gained from 0.20 to 0.82 cent. Intercontinental Exchange's NYBOT electronic cotton market showed the July contract up 0.78 cent to 54.78 cents at 2:30 pm.

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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     2,600.00         50                  2,650.00

Equivalent-------------------------------------------------

40 Kgs        2,786.00         50                  2,836.00

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