Favourable conditions on cotton market

A couple of deals were reported on the cotton market as prices continued to turn favourable for the buyers, relevant sources said.
The official spot rate of cotton was left unchanged after quick retreat and was quoted at Rs2925, without Rs50 upcountry expenses.
Meanwhile, cotton futures in New York dipped sharply, July was down 1.45 cents to 48.25 cents and October lost 1.32 cents to 51.20 cents a pound.
Buyers are confident prices were apt to go further lower and, hence, low pace in buying.
Following deals were marked: 2293 bales of Dadu done at Rs2600 and 2253 bales of Moro at Rs2425.

===========================================================

The KCA Official Spot Rate for Local Dealings in Pak Rupees

-----------------------------------------------------------

FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"

 MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL

===========================================================

Rate           Ex-Gin     Upcountry    Spot Rate Ex-Karachi

for            Price                        Sales Tax @ 15%

===========================================================

37.32 Kgs      2925.00        50                    2975.00

Equivalent-------------------------------------------------

40 Kgs         3135.00        50                    3185.00

===========================================================