Low business on cotton market

Trading activity came under pressure as chief buyers most of the time kept on the sidelines ahead of Pakistan Cotton Ginners Association (PCGA) report, dealers said. The official spot rate was left unchanged at overnight level at Rs 1825 without upcountry expenses. Prices both in Sindh and Punjab held at their overnight rates. In Sindh they ranged between Rs 1650 and Rs 1850, and in Punjab between Rs 1750 and Rs 1875.
Phutti was available at Rs 700-820 in Sindh and at Rs 775-850 in Punjab.
Market sources said that some needy buyers were in the market to meet their near-term demands. They said that mills were less interested in fresh purchasing as they have bought enough for their requirements.
In the meantime, ginners were in a hurry to sell their stocks, even the best quality, at the prevailing levels in anticipation of rising production reports. Trading Corporation of Pakistan (TCP) was however, in the market to support prices.
New York cotton futures ended on a firmer note, with most of the trade looking for a continued foray onto higher ground this week. The key March contract surged 0.81 cent to 44.78 cents a lb, ranging from 43.75 to 44.80 cents. Spot December gained 0.15 to 48.65 cents, and the rest rose 0.30 to 0.76 cent.
FOLLOWING DEALS WERE REPORTED: 1000 bales from Lodhran at Rs 1850; 800 bales of from Sanghar at Rs 1625-1675; 400 bales from Upper Sindh at Rs 1875; 2000 bales from Rahimyar Khan at Rs 1875; 2000 bales from Gojra at Rs 1825-1850; and 400 bales from Bhawalnagar at Rs 1800.

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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      1825.00        50                    1875.00

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

40 Kgs         1956.00        50                    2006.00

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