Not much business activity was witnessed on the cotton market on Monday as mills and spinners kept on the sidelines just to observe the developing situation after the announcement of next budget, dealers said. The official spot rate held the overnight level at Rs 6,800, they added. In the ready session, around 1200 bales of cotton from Ghotki done at Rs 7000 (credit), dealers said.
According to the market sources, as a result of falling demand in the international market, locally, prices showed stable trend. They said that there were some incentives for the textile industry but heavy taxes caused high tension among the traders. Under the circumstances, how we will be able to achieve the desired target? Arrivals of new crop at expected time also a factor behind the lacklustre condition in the market, they added.
The ginners, who were waiting for buyers to sell their stuff at above the psychological levels, not looking very upset as they have very small size of unsold stock with them, 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"
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MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate Ex-Gin Upcountry Spot Rate Spot Rate Difference
For Price Ex-Karachi Ex. KHI. As Ex-Karachi
on 07.06.2014
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37.324 Kgs 6,800 155 6,955 6,955 NIL
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Equivalent
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40 Kgs 7,288 155 7,443 7,443 NIL
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