Ginners raise asking prices after a deal at Rs 3000

Prices move upward on the cotton marker on Monday as a deal stuck at Rs 3000, which was the season's peak level, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2650, they added.
In the ready business, deals finalised between Rs 2900-3000, they said. According to the market sources, the ginners with small unsold stock looking satisfied after a deal, finalised at Rs 3000 and now they (ginners) increasing the asking prices to Rs 3100. The spinners were worried about the new development and trying to buy all lots as soon as possible, they observed.
The buyers are looking a bit panicky after the recent rains and it seems that the prices may go up if the rains damage the standing crop, analysts said. The following deals were finalised: 2000 bales of cotton from Punjab cotton at Rs 2900 and 1000 from same source at Rs 3000, dealers said.

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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      2650.00         50                   2700.00

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

40 Kgs         2840.00         50                   2890.00

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