Steady trend was witnessed in the cotton market on Friday as the spinners continued buying despite the reports about the good production, relevant sources said.
The official spot rate remained unchanged at Rs 2125 for 2005-06, without upcountry expenses. Cotton and phutti prices were firm in Punjab and Sindh.
According the market, most of the time, ginners were hesitating before finalising any deal, preferring to be on sidelines in anticipation of increase in the prices.
Despite the fact that the Trading Corporation of Pakistan (TCP) has still unsold stock of old crop, market players were expecting the cotton rates may go up if mills continued buying.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark December cotton contract climbed 0.08 cent to 51.97 cents a lb., after dealing from 50.50 cents to 52.20 cents.
March futures rose 0.20 cents to 53.36 cents a lb., and more distant deliveries ended from down 0.03 cent to up 0.20 cent.
FOLLOWING DEALS WERE REPORTED: some 1400 bales of cotton from Mirpurkhas done at Rs 2100-2125, 800 bales from Tando Adam at Rs 2150-2155, 400 bales from Nawabshah at Rs 2150, same number from Daur at Rs 2150, same figure from Jhole at Rs 2125-2150, 200 bales from Bucheri at Rs 2150, 200 bales from Noa at Rs 2150, same number from Khipro at Rs 2100, 400 bales from Jahanian at Rs 2190-2200 and 200 bales from Chichawatni at Rs 2150.
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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 2125.00 50 2175.00
Equivalent-------------------------------------------------
40 Kgs 2277.00 50 2327.00
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