Tight condition seen on the cotton market on Wednesday as ginners did not show flexibility in their in respect of prices, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2650. Some hundreds bales of cotton were sold at Rs 3000 in the ready business, they said.
According to the market source, the ginners were not ready to sell below the asking prices level whereas the mills were trying to buy at the prevailing minimum prices, following the uncertainty about the damage to cotton crop after the rains. The phutti per 40 kg was trading at Rs 1350-1375 and cottonseed was at Rs 640 per maund.
The New York market will be shut on Wednesday for the US Independence Day holiday. Trading resumes on Thursday. The New York Board of Trade's key December cotton contract added 0.05 cent to close at 63.48 cents per lb., moving from 63.10 to 63.88 cents.
Except one contract , the rest ranged from 0.10 cent up to 0.20 cent lower. Intercontinental Exchange's NYBOT electronic cotton market showed the December contract up 0.02 cent at 63.45 cents at 2:23 pm EDT (1823 GMT). The following deals were finalised from the new crop: 100 bales of cotton from Burewala sold at Rs 3000 and 300 from Sahiwal at the same rate.
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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 2,650.00 50 2,700.00
Equivalent-------------------------------------------------
40 Kgs 2,840.00 50 2,890.00
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