Not a single deal was reported on the cotton market on Saturday as all the commercial centres were closed to mourn the martyrdom of noted religious scholar Dr Sarfraz, dealers said. The official spot rate did not show any change at Rs 3,500; they said.
On Friday, the NY cotton futures settled slightly lower as players tweaked positions during options expiration in the spot contract, with brokers saying a variety of factors will influence market moves next week. The July cotton contract fell 0.20 cent to close at 56.10 cents per lb, moving between 55.50 and 56.82 cents. Volume in the July was at 8,718 lots at 2:32 pm EDT (1832 GMT). New-crop December shed 0.04 cents to settle at 61.22 cents, ranging from 60.33 to 61.69 cents.
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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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37.324 Kgs 3,500.00 100 3,600.00
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Equivalent
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40 Kgs 3,751.00 100 3,851.00
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