Cotton spot rate further up by Rs 25 at Rs 2875

The official spot rate was modestly up as the New York cotton futures still on the upward, indicating further rise in the local market, brokers said. The Karachi Cotton Association (KCA) official spot rate was higher by Rs 25 at Rs 2875, they added.
Market sources said that the spinners were worried about the present trend in the prices but it is encouraging news for the mills that the recent rains did not hurt the ready crop badly.
But whether further rains damage the cotton crop or not, will depend on the duration of the rainy days, they said. The ginners, however, were happy and waiting for the proper time to sell the unsold stock at the higher rate, they said.
The following deals were reported: 200 bales of cotton from Mirpurkhas sold at Rs 2960, same figure from Sahiwal at the same rate and same figure from Bahawalpure at Rs 3100.

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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      2875.00        50                    2925.00

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

40 Kgs         3081.00        50                    3131.00

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