On the week's opening day, there was no normal business on the cotton market due to ginners' strike and it appears that dullness may continue for the near term, dealers said. The official spot rate did not show any further rise and stayed put at Rs 4150, they said. They said that phutti prices in Punjab were at Rs 2000-2050 and at Rs 1950-2000 in Sindh amid low arrivals.
Market sources said that the ginners were on strike to press their demand of the government to remove taxes on power and gas. They said that these are heavy taxes and may cause hurdles in the progress of textile industry.
Commenting on the recent rains, they said that rains in the cotton belt are favourable and there is slight chance of mealy bug attack. The other factor is slow arrival of phutti, which causes further dullness in the market, they said. The following deal was reported as some 200 bales of cotton from Burewala sold at Rs 4250, dealers said.
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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 4,150.00 50 4,250.00
Equivalent-------------------------------------------------
40 Kgs 4,448.00 50 4,548.00
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