Lacklustre activity was seen on the cotton market on Saturday as spinners were trying to finalise the deals at the lowest levels, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged by at Rs 3150, they said.
Phutti prices in Sindh were at Rs 1500-1550, they said. According to the market sources a few spinners were in the market to inquire about the fresh deals but prices did not match with the psychological levels of the ginners. The mills were trying to lower the prices as they are in a position to buy cheaper cotton from the importing countries, they added.
Upward trend was seen on the NY cotton market at the week-end as the ICE Futures' open-outcry March cotton contract rose 0.37 cent to end at 68.16 cents per lb, moving from 67.90 to 68.35 cents. May cotton add 0.38 to 70.08 cents and the new-crop December cotton contract gained 0.29 cent to 76.69 cents.
ICE March electronic cotton futures increased 0.44 cent to 68.23 cents at 3:17 pm EST (2017 GMT), moving from 67.85 to 68.40 cents. Only a solo deal of 200 bales was seen from Mirpur Khas at Rs 3215, they said.
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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 3150.00 50 3200.00
Equivalent-------------------------------------------------
40 Kgs 3376.00 50 3426.00
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