Business was seen at low level again on the cotton market on Thursday as needy spinners only remained active ahead of the Pakistan Cotton Ginners Association (PCGA) report, dealers said.
The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, without upcountry expenses. In the ready business, deals reported between Rs 2500 and Rs 2700, dealers said. Some brokers said mills were buying cotton despite the high prices as ginners were not lowering the asking prices due to shot stocks.
The clear picture will emerge after the PCGA report and may help the mills to make future plan, they said.
According to the Reuters: the New York Board of Trade's May cotton contract climbed 0.52 cent to end at 53.91 cents per lb, trading from 53.39 to 53.95 cents. July rose 0.46 to 54.87 cents. One contract aside, the rest increased from 0.15 to 0.50 cent. The Intercontinental Exchange's NYBOT electronic market for cotton showed the May contract up 0.53 cent at 53.92 cents at 2:33 pm. EDT (1833 GMT), moving from 53.35 to 53.95 cents.
The following deals were reported: 500 bales of cotton from Rahim Yar Khan sold at Rs 2500, 1800 bales from Khanpur at Rs 2700 and Rs 400 bales from Karachi (Sindh) at Rs 2640.
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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 2600.00 50 2650.00
Equivalent-------------------------------------------------
40 Kgs 2786.00 50 2836.00
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