Mills and spinners were on the sideline on the cotton market on Monday as ginners were not ready to oblige them, dealers said. The official spot rate held the overnight level at Rs 6,800, they added. In the ready session, not a single deal was reported, dealers said. Some experts were of the view that the buyers were expecting that new arrivals which are likely within two weeks, will help in making the deals.
They hope new crop may be available at their psychological level. They also feel that the ginners, who are increasing asking prices, may cut down prices of unsold stock with them from the old crop.
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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 14.06.2014
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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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