The trading on cotton market during normal working hours was nil as the world prices were persistently showing softening trend, relevant market sources said on Wednesday.
The official spot rate of grade III cotton was unchanged at Rs 2900 as sellers waited in vain to see situation turn in their favours. The spinners are also awaiting local prices to follow international trend.
The cotton futures in New York maintained retreat. May was down 0.46 cent to 61.72 cents, and July down 0.35 cent to 63.76 cents a pound.
It was learnt that SBP Governor visited KCA on Wednesday where issues related to cotton trading, hedge etc came up. But according to sources nothing concrete emerged.
However, deals struck on Tuesday and printed in the DMR on Wednesday were: 1000 bales of Nawabshah at Rs 2700; 1100 bales of upper Sindh at Rs 2900; 500 bales of Burewala at Rs 2900; 1400 bales of Rahimyar Khan at Rs 2900; 200 bales of Rahimyar Khan at Rs 1800; and 1300 bales of Sadiqabad at Rs 2400.
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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 2900.00 3335.00 50 3385.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3108.00 3574.20 50 3624.20
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