Strong buying was seen on the cotton market on Monday as spinners were active in the absence of clear cut report about the size of cotton production for current season, relevant sources said. The official spot rate remained unchanged at Rs 2150 for 2005-06, without upcountry expenses.
The general trend in the market was soft due to easy supply position, dealers said.
Market sources said that the cotton prices came down from the last level at Rs 2100-2150 in Sindh and in Punjab the cotton traded at Rs 2175-2200.
Phutti prices followed suit and shed modestly in Sindh at Rs 875-925 and in Punjab it was trading at Rs 990-1010, dealers said.
According to the Pakistan Cotton Ginners Association (PCGA) report, since the current season started, some 575,000 worth bales cotton arrived at ginneries till September 15 against the last year's figure of 1,072,000 bales.
The current figure of cotton arrival showed shortfall of nearly 46.43 percent due to delay in picking operations in Punjab owing to recent rains.
FOLLOWING DEALS WERE REPORTED: Some 600 bales of cotton from Tando Adam sold at Rs 2175, same number from Shahdadpur at Rs 2150-2175,400 bales from Jhole at Rs 2165, 2000 bales of cotton from Mirpurkhas sold at Rs 2125-2150, 200 bales from Layyah at Rs 2210, same number from Bhakker at Rs 2190 and equal number from Pulbager at Rs 2225.
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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 2150.00 50 2200.00
Equivalent-------------------------------------------------
40 Kgs 2304.00 50 2354.00
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