Improved business was seen on cotton market on Wednesday as some needy mills struck deals to meet immediate requirements, dealers said.
Official spot rate was unchanged at Rs 2525, excluding upcountry expenses. The prices of fine cotton picked up Rs 25 at Rs 2250-2575 in Sindh and in Punjab it was trading at Rs 2310-2575.
Seed-cotton prices in Sindh were at Rs 900-1125 and in Punjab at Rs 900-1225, dealers said.
Fairly improved activity was seen as several mills indulged in fresh purchasing, dealers said. They said that the factor behind the rising trend was the positive signal from New York cotton market, which tended higher on speculative buying.
They were of the view that mills purchasing might slow down as they were busy in receiving import orders.
New York cotton futures May contract climbed 0.42 cent to close at 55.44 cents a pound, dealing from 55.10 to 55.70 cents. It was an inside day as the range held within Monday's 55 to 56.15 cents bands. July rose 0.41 to 56.67 cents. Except for one contract, the rest gained 0.13 to 0.55 cent.
FOLLOWING DEALS WERE REPORTED: 4000 bales from Upper Sindh done at Rs 2575; 3000 bales from Khanpur and 600 bales from Karor Pacca at Rs a575; and 2000 bales from Bahawalpur at Rs 2550.
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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 2525.00 50 2575.00
Equivalent-------------------------------------------------
40 Kgs 2706.00 50 2756.00
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