Cotton market wears cheerless look

Cotton market wore cheerless look on Saturday as spinners showed their determination not to yield to pressure from ginners or any foreign factor, relevant sources said.
The official spot rate, which was raised by Rs 25 on Friday, was reduced by the same amount to Rs 2850, without ST and upcountry expenses.
The brokers were unable to furnish any deal on Saturday because,they said, spinners were determined to buy only when prices would suit their export parity.
Meanwhile, cotton futures in New York were mixed. May was down 0.53 cent to 63.95 cents, and July up 0.54 to 63.80 cents a pound.

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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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