Prices turn soft on cotton market

Soft trend was seen in the cotton market on Monday as prices fell slightly in physical business, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2400, without upcountry expenses. The deals reported between the range of Rs 2350-2460.
Market sources said that the cotton rates failed to show firmness ahead of the arrival of figures of phutti for the fortnight ended October 15 following the market anticipation that the production figure would be positive.
They said that the exporters and mills were little active to cover the pre-Eid holiday buying. Business activity was hit by the transportation problems slightly. Transport owners and drivers were busy in placing the Eid shopping items from here to there.
Some brokers said that prevailing rates were very attractive for the mills, so they are buying and might continue for the export purpose.
The following deals transpired: 2000 bales of cotton from Shahdadpur sold at Rs 2375, 3500 bales from Mirpurkhas at Rs 2350, 500 bales from Tando Adam at the same rate, same figure from Khipro at the same rate, 400 bales from Bahawalpur at Rs 2440, 1000 bales from Rajanpur at Rs 2450, 200 bales from Hasilpur at Rs 2425, 400 bales from Shahnal at Rs 2450, 1200 bales from Kabirwala at the same rate, 2000 bales from Khanpur at Rs 2430-2460, 200 bales from Mailsi at Rs 2425, 1000 bales from Rahimyarkhan at the same rate, 200 bales from Liaquatpur at Rs 2450, 600 bales from Chichawatni at Rs 2445-2450, 1000 bales from Bahawalnagar at Rs 2400, 400 bales from Jalalpur at Rs 2450, same figure from Vehari at Rs 2400, 600 bales from Bahawalpur at Rs 2425-2440, 200 bales from Dera Gazi Khan at Rs 2425, same figure from Gotki at Rs 2465 and same number from Hyderabad at Rs 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      2400.00        50                    2450.00

Equivalent-------------------------------------------------

40 Kgs         2572.00        50                    2622.00

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