Modest business was seen on the cotton market on Friday as prices maintained the overnight levels, dealers said. The Karachi Cotton Association (KCA) official rate was unchanged at 2500, without upcountry expenses.
ACCORDING TO THE MARKET SOURCES: there was some increased demand by the mills which helped the prices to maintain the prevailing levels. It is expected that the prices may not show sharp fluctuations in the coming days as ginner were firm in their attitudes, they said.
Delay in the new crop arrival and rising world demand were likely to push the prices higher in the near future, they said. The International Cotton Advisory Committee (ICAC) also said in its monthly report that world stock is expected to decline.
The New York Board of Trade's July cotton contract closed with a gain of 1.41 cents at 52.35 cents a lb, after surging to a high last seen on April 24 at 52.50 cents. The session low was 51.50 cents. The December crop contracts finished 0.91 cent higher at 57.49 cents, in a 56.95 to 57.60 range. Some 1000 bales of cotton from Rohri sold at Rs 2575, 660 bales from Liaquatpur at Rs 2550 and 400 bales from Rahimyar Khan at Rs 2600.
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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 2500.00 50 2550.00
Equivalent-------------------------------------------------
40 Kgs 2679.00 50 2729.00
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