Dullness was seen on the cotton market on Wednesday in the absence of proper interest by the buyers and sellers, dealers said. The official spot rate was kept at Rs 3250, they said. The phutti prices in both the Punjab and Sindh were at Rs 1550-1650.
Market sources said that the mills were conspicuous by their absences despite the recent incentives to the textile exporters to make the export goods lucrative in the competitive world. According to a report the exporters will be able to get more facilities by the government in the coming days, but only who are the best.
The ginners, on the other hand were not looking interested in the fresh selling in anticipation of further rise in the prices in days to come, they added. On Tuesday, the NY cotton futures settled firmer on investor buying spurred mainly by stronger equity markets as the trade looked toward Wednesdays release of a government crop report, brokers said.
The key May cotton contract climbed 0.62 cent to end at 41.80 cents per lb, trading from 41.15 to 42.38 cents. July added 0.61 cent to close at 43 cents. Volume traded in the May contract was at 6,850 lots at 2:44 pm EDT (1844 GMT). Not a single deal was reported due to lack of business interest among the leading participants, they 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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37.324 Kgs 3,250.00 100 3,350.00
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Equivalent
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40 Kgs 3,483.00 100 3,583.00
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