The post-budget day yielded a few deals on the cotton market on Monday in the wake of expectations having come somewhat true, relevant sources said.
Cotton market operators welcomed the budget 2004-05 and were hoping that cotton related business would improve in the coming days.
The reduction in the sales tax, duty drawback facilities etc made easy induced buyers to shed reservations and inquire about the price trend. Not only the new crop seed-cotton has started trickling in, but hopes of a bumper crop encouraged the buyers who had waited for the day.
The official spot rate remained unchanged at Rs 3,075.
A lot of 200 bales of cotton from Sultanabad was sold at Rs 2600 per maund on Rs 0.1 million deposit (15-20 August). Some other deals could not be confirmed.
Cotton futures from the New York were not receive.
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 3075.00 3536.25 50 3586.25
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3295.00 3789.25 50 3839.25
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