No business seen on the cotton market on Wednesday as good hopes about new crop induced the mills to be on the sidelines, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
Market sources said that the mills were on the sidelines as they were not so much interested in the old stock. They were keen to purchase fine quality of the new crop.
Commenting on the lean business these days they said that the trading might pick up in post-budget sessions. In the meantime, the ginners were selling cotton to the spinners at below the asking prices.
The NY cotton market shrugged off the overnight weakness, as the New York Board of Trade's open-outcry July cotton contracts rose 1.76 cents to end at 51.75 cents per lb., dealing between 50.60 and 51.95 cents. Based on the spot month charts, it was the highest close for cotton since April.
The new-crop December cotton contract jumped 1.53 to 57.38 cents. The rest increased from 1.35 to 2.60 cents. Intercontinental Exchange's NYBOT electronic cotton platform showed the July contract up 1.76 cents at 51.75 cents at 2:31 pm.
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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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