Cautious trade seen on cotton market

Cautious attitude was observed by the mills on the cotton market on Thursday as most of them were on the sidelines amid expectations that the total crop size is nearly 11.6 million bales finally, which is now expected on Friday, dealers said.
The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3300. Phutti prices in both Sindh and Punjab were also same at Rs 1200-1600, they said. Some hundred bales of cotton finalised at Rs 3350, dealers said.
Some brokers said that most of the ginners and spinners were on the sidelines amid wait-and-see condition prevailed in the market ahead of unexpected delay in the total arrival of cotton production.
The NY cotton futures were lower, dealers said. Following deals were reported: 400 bales from Buchari sold at Rs 3350 and same figure from Kot Gulam Mohammad done at the same rate, 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      3300.00        50                    3350.00

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

40 Kgs         3537.00        50                    3587.00

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