Lacklustre activity was witnessed on cotton market on Saturday as the textile millers and exporters were busy in the Trading Corporation of Pakistan (TCP)'s cotton tender, relevant sources said. The official spot rates remained unchanged at Rs 2200, without upcountry expenses. Market prices ranged in a band of Rs 2000-2200. According to market sources, exporters and textile mills participated in TCP's tender for 60,000 bales of cotton. They said that some 74 textile mills were bidding for nearly 130,000, bales at prices ranging between Rs 2106 and Rs 2300 and six exporters were bidding for about 30,000 bales of cotton at the minimum range of 42 cents per pound and the maximum at 45.07 cents per pound.
Sources said that TCP had received positive response as exporters have to maintain quality to compete the global markets due to WTO regime.
However, a few buyers were in the market and bought some lots of both superior and inferior types to keep their daily business on, they said, but added that no deal from any stations could be confirmed.
New York cotton futures were mixed on Friday as the market took a breather after sinking on Thursday, brokers said. July contract rose 0.23 cent to 53.49 cents a lb, dealing from 52.75 to 53.85 cents. Spot May dropped 0.81cent to 53.49 cents. The rest ranged from up 0.10 cent to 0.25 cent easier.
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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 2200.00 50 2250.00
Equivalent-------------------------------------------------
40 Kgs 2358.00 50 2408.00
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