No deal was finalised on the cotton market on Saturday apparently due to spinners' reservations about prices, relevant sources said. They said the spinners appeared to have leaning towards importing cotton on likely lower prices.
The official spot rate was unchanged at Rs 3000 without ST and upcountry expenses.
New York cotton futures maintained retreat. July lost 0.37 cent to 64.97 and October shed 0.40 cent to 62.70 cents a pound.
What spinner might do next would depend on seedcotton fortnightly statement due in a day or two.
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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 3000.00 3450.00 50 3500.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3215.00 3697.25 50 3747.25
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