Highest bid of the season so farreceived by the Trading Corporation of Pakistan (TCP) in it's Saturday auction, dealers said. The Karachi Cotton Association (KCA) official spot rate held its overnight level at Rs 2225, without upcountry expenses. The TCP received bids for 111,300 bales of cotton in its Saturday's auction from 62 participants against it's 49,700 bales of cotton tender, they said.
The season's highest bid of Multan godown was at Rs 2385, from Karachi at Rs 2325, from Bhawalpur at Rs 2367, from Dera Gazi khan at Rs 2327, Chichawatni at Rs 2260-23TCP receives highest bid of season52.38,Rohri at Rs 2 325.
From Exporters, the TCP received bid for 10,000 bales of cotton at rate of Rs 41-43 cents per pound, they said.
According to the market sources, the mills and spinners were busy in forward buying of the TCP's cotton stock on quality factor and to meet the near-term demand.
Some brokers said that the rains of the season in the cotton growing areas will not hit the crop and expectedly production might be satisfactory.
According to the Reuters, the NY cotton futures firmed on Friday, traders said.
The New York Board of Trade's July contract climbed 0.67 cent to finish at 46.96 cents a lb, dealing from 46.30 to 47.15 cents. New-crop December rose 0.56 to 51.27 cents. Distant months gained 0.25 to 0.65 cent.
===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
===========================================================
37.32 Kgs 2225.00 50 2275.00
Equivalent-------------------------------------------------
40 Kgs 2385.00 50 2435.00
===========================================================