Modest business was seen on the cotton market on Wednesday as mills stopped buying on expectations of rates may come down to their psychological level, dealers said. The Karachi Cotton Association (KCA) official spot rate unchanged at Rs 2,525, without upcountry expenses.
Some leading mills were on the sidelines due to upward trend in the prices, brokers said. But the ginners were firm and did not show any flexibility in their attitude on perception of short supply in the near future. They were confident that the mills will increase buying to cover their requirements, they added.
The New York Board of Trade's March cotton contract added 0.22 cent to end at 54.92 cents per lb, ranging from 54.30 to 55.09 cents. May cotton rose 0.23 to 55.79 cents. The rest went up from 0.10 to 0.30 cent.
The following deals were reported: 1000 bales of cotton from Sanghar sold at Rs 2400-2470, 600 bales from Mehrabpur at Rs 2475, 1000 bales from Rahim Yar Khan at Rs 2590-2600 and 2000 bales from Sadiqabad at Rs 2585-2600.
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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 2525.00 50 2575.00
Equivalent-------------------------------------------------
40 Kgs 2706.00 50 2756.00
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