A few players showed interest in fresh buying on the cotton market on Monday to run their routine business, dealers said. The official spot rate was unchanged Rs 2375, without upcountry expenses.
Cotton was trading at Rs 2120-2425 in Sindh and in Punjab it was at Rs 2275-2425, they said. Most of the buyers were on the sidelines, awaiting the PCGA new arrival figures, dealers said. They also said that trading activity would improve after the Eid-ul-Azha holidays.
The market was lacking in buying interest for the last several days due to absence of proper demand, they said. In fact, mills or spinners were not in a hurry to buy cotton, they have enough stock to meet their requirements.
The main thing is to meet the demand of the foreign markets and so they were struggling hard to improve the quality of their products, they said.
The New York cotton futures were not received due to closure of the international markets for Christmas and New Year holidays, dealers said.
Solitary deal of 2000 from upper Sindh was reported at Rs 2410-2425.
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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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