Rates were unmoved on the cotton market on Tuesday despite the visible decline in prices globally, dealers said. Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 12000, they said. Phutti prices in Sindh was unchanged at Rs 4500 but in Punjab shed Rs 400 to Rs 5500, they said.
Commenting on the slow business on the domestic market some experts said that downward trend in the international market propelled the mills to keep to the sidelines and watch the latest developments. Higher prices are the main factor behind the lacklustre business, they said adding that it seems that profit-taking in the NY cotton market may continue and may cause sluggish trade in the local market. It's a fact that prices are soaring these days and causing a major stuck up in the way of smooth trade for the actual buyers, they said. The New York market was closed on Monday due to President Day holiday, brokers said. They said that it is most likely the global cotton market may move on the downside in the near future.
The following deals were reported: 400 bales of cotton from Rahim Yar Khan sold at Rs 11800, 200 bales of cotton from Burewala at Rs 12700 and 400 bales from Sadiqabad at Rs 13000 (credit), they 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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 21.02.2011
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37.324 Kgs 12,000 120 12,120 12,120 NIL
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Equivalent
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40 Kgs 12,860 120 12,980 12,980 NIL
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