Modest business was seen on cotton market on Monday as the tug of war over prices again started between the ginners and spinners, dealers said. The official spot rate of grade 3 cotton was reduced by Rs 25 to Rs 1850, without upcountry expenses. Cotton prices did not fluctuate sharply as in Punjab prices were at Rs 1700-1900. Phutti prices were quoted at Rs 750-850 both in Punjab and Sindh. According to market sources, most of the deals were finalised on quality basis at handsome rates.
Inferior types did not attract the buyers, they added. Dealers said that Trading Corporation of Pakistan's presence in the market is necessary to keep the cotton prices at reasonable levels.
The Pakistan Cotton Ginners Association showed cotton production at nearly 11.744 million bales and this factor is increasing expectations that production figure is likely to surpass 15 million bales of cotton. So the country would be able to earn more from increasing exports, experts said.
Following deals were reported: 600 bales of Sanghar at Rs 1675; 4000 bales from upper Sindh at Rs 1925-1940; 2000 bales from Multan at Rs 1900; 2000 bales from Bahawalpur at Rs 1900; 1000 bales from Uch Sharif at Rs 1900; 1000 bales from Rahimyar Khan at Rs 1900; and 600 bales from Muridwala at Rs 1875.
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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 1850.00 50 1900.00
Equivalent-------------------------------------------------
40 Kgs 1983.00 50 2033.00
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