In the ready business, prices declined between Rs 25-50, the cotton prices were at Rs 2175-2325 in Sindh and in Punjab at Rs 2350-2375.
Phutti prices in Sindh stayed put at Rs 1025-1075, in Punjab prices retained the overnight level at Rs 1050-1100, dealers said.
According to the market sources, mills' remained active throughout the day on apprehensions of shortage in current season production after the conflicting reports.
Interesting thing to note is that mills were not picking inferior type of cotton despite the shortfall news in the crop. They were not inclined to buy any lot beyond the Rs 2400 level for fine quality, they said.
In the meantime, some ginners were interested in selling lower grade cotton at the lower rates, they added. Fine quality of Sindh cotton was not available because of resumption of late picking operation, they observed.
The government has taken precautionary step to support the growers, allowing the Trading Corporation of Pakistan (TCP) to buy cotton to keep prices stable. The TCP is now trying to sell all unsold stock to re-enter the market, they said.
Mills were active and buying cotton as price and staple length both were matching with the psychological level.
FOLLOWING DEALS WERE REPORTED: The New York Board of Trade's key December cotton contract down 2.63 cents or 4.8 percent to finish at 52.13 cents a lb., trading between 52.10 and 54.10 cents.
It was the lowest close for the contract since late last month when it traded just under 52 cents. March slumped 2.54 cents to 54.36 cents. Back months declined from 0.75 cent to 2.80 cents.
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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 2350.00 50 2400.00
Equivalent-------------------------------------------------
40 Kgs 2518.00 50 2568.00
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