Business was seen at low level on the cotton market on Monday as many buyers remained on the sideline due to less interest, dealers said.
The official spot rate maintained last week's rates at Rs 2375, without upcountry expenses. In Sindh cotton prices were at Rs 2050-2400 and in Punjab did not show major fluctuations, holding the weekend level at Rs 2250-2400 in process of sluggish business, dealers said.
Dealers at the cotton market said that some leading buyers remained on the sidelines due to better cotton production and falling trend in the export prices and partly because of higher in-put cost locally.
They said that normal trading activity will resume after the Eid-ul-Azha holidays as the buyers were a little bit upset because of delivery problems. Cotton business is disturbed due to transportation problems. During the Eid-ul-Azha the trucks were not available easily and higher rates. The truck owners were busy in dealing with the animal sellers, especially from interior Sindh.
In most part of the Punjab, the animal prices shoot up as thousands of animals died in the earthquake and it is expected that prices of sacrificial animals this year may prove the phrase "Sky is the limit".
Following deals were seen as 2000 bales of cotton from upper Sindh sold at Rs 2410-2425 and 200 bales from Shujabad 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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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 2375.00 50 2425.00
Equivalent-------------------------------------------------
40 Kgs 2545.00 50 2595.00
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