Thin business was seen on the cotton market as most of the leading buyers kept to the sidelines ahead of the PCGA report and partly because of reluctance in paying the higher prices, dealers said.
The cotton demand has increased amid tight supply position as ginnners were not prepared to lower the asking prices on anticipation of further increase in the near future, brokers said.
The NY cotton futures closed with small losses in activity dominated by heavy switch business as players scrambled to get out of positions in the spot March contract.
The New York Board of Trade's key March cotton contract eased 0.08 cent to conclude at 46.20 cents a lb, trading from 45.25 to 46.95 cents. The May contract lost the same amount to 46.83 cents. The rest fell by 0.20 to 1.05 cents.
Following deals were reported: 200 bales of cotton of Mirpurkhas sold at Rs 2025, 1000 bales from Upper Sindh sold at Rs 2225-2250, 2500 bales from Rahimyar Khan at Rs 2200, 400 bales from Sadiqabad at Rs 2200 and 400 bales from Rajanpur at Rs 2200.
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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 2175.00 50 2225.00
Equivalent-------------------------------------------------
40 Kgs 2331.00 50 2381.00
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