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Sustained buying from millers and exporters boosted the rates on the cotton market on Monday, dealers said. The official spot rate maintained week-end trend, showing further gain of Rs 50 to Rs 6,850, they added. In the ready session, 2,000 bales of cotton done between Rs 6850 and 7000, dealers said. Experts said that depleting stock of fine type propelling mills and exporters to lay hand over the best quality, pushing prices higher.
Besides, likely delay in arrivals of next cotton crop particularly in Punjab is the main disturbing factor among the buyers, cotton analyst, Naseem Usman said. On the other hand, the unsold cotton held by the ginners is not more than 220,000 bales, he added. The following deals reported: 1700 bales from Sadiqabad at Rs 7000, 100 bales of cotton from Mailsi at Rs 6875, 200 bales from Garma Raja at Rs 6850 and 200 bales from Vehari at the same rates, dealers 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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 17.05.2014
===========================================================================
37.324 Kgs 6,850 155 7,005 6,955 +50
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Equivalent
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40 Kgs 7,341 155 7,496 7,443 +53
===========================================================================

Copyright Business Recorder, 2014

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