No business in ready was seen on the cotton market on Tuesday as main participants were on sidelines to analyse the future direction of prices after rains, dealers said. The official spot rate was unchanged at Rs 2500, without upcountry expenses.
Some dealers said that after the recent rains prices showed no significant change and it is expected that the rates might maintain the present levels as there were some speculations in the market that picking operation may stop in the rain water filled fields.
THE REUTERS ADDS: the New York Board of Trade's December cotton contract climbed 0.49 cent to settle at 55.95 cents per lb, dealing from 54.75 to 56.35 cents. It was the highest close for the contract since trading near 57 cents in late June. March gained 0.37 to 58.87 cents. The rest increased 0.25 to 0.55 cent.
Not a single deal was reported from any station.
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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 2500.00 50 2550.00
Equivalent-------------------------------------------------
40 Kgs 2679.00 50 2729.00
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