Some mills showed interest in the fresh buying as ginners were ready to oblige them by lowering the asking price for fine type, dealers said at the cotton market on Friday. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
Nearly 500 bales of cotton changed at the Rs 2625, they said. A few mills entered the market to make new deals as they have to meet the export commitments and local demand as well. But leading buyers were conspicuous by their absence, they said.
The NY cotton futures were higher as the New York Board of Trade's open-outcry July cotton contract added 0.21 cent to close at 51.76 cents per lb, dealing between 51.25 and 52 cents. The new-crop December cotton contract gained 0.19 to 57.49 cents and back months increased from 0.10 to 0.30 cent.
Intercontinental Exchange's NYBOT electronic cotton market showed the July contract gain 0.15 cent to 51.70 cents at 2:32 pm EDT (1832 GMT).
The following deals were finalised: some 400 bales of cotton from Shujabad sold at Rs 2625 and 100 bales of cotton from Sindh at the same rate (mill to mill).
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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 2600.00 50 2650.00
Equivalent-------------------------------------------------
40 Kgs 2786.00 50 2836.00
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