Trading on the cotton market maintained sluggish outlook as no deal came to knowledge till shutters were pulled down, sources said.
The official spot rate of Grade III cotton remained unchanged at Rs 3,050 without Rs 50 upcountry expenses.
The cotton futures in New York maintained downswing and fell sharply as July was marked down 2.79 cents to 52.53 and October down 1.26 cents to 53.75 cents a pound.
The sources, who were close to the market, expressed that such sluggish trend in the cotton trading will continue. But the trading will get a boost after new seed cotton make inroads into the market.
According to them, Phutti has been trickling into the ginneries but right now ginning operation cannot be started. However, one deal DMR printed was struck on Wednesday. The deal was 400 bales of Ghotki (Sarhad) at Rs 3,200.
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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 3050.00 3507.50 50 3557.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3269.00 3759.35 50 3809.35
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