Some modest trading was noted on the cotton market on Wednesday as prices turned vulnerable, but spinners preferred to stay away to press for further erosion in rates, relevant sources said.
The official spot rate of grade III cotton was unchanged at Rs 3100.
In New York, substantial drop in prices was seen. March dropped 1.85 cents to 69.90 cents, while May was down 2.80 cents to 70.73 cent a pound.
Meanwhile RYK meeting, which was to discuss hedge trading on March 4, has been postponed.
Following deals were struck: 200 bales of Sanghar at Rs 2700; 200 bales of Sanghar at Rs 2950; 400 bales of Nawabshah at Rs 3050; 800 bales of Mirpur at Rs 3000; and 1000 bales of Mandodero at Rs 3200.
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 3100.00 3565.00 50 3615.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3322.00 3820.30 50 3870.30
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