A couple of deals were finalised on cotton market on Tuesday manifesting that spinners would lift lint matching prices with export parity and quality, relevant sources said.
The official spot rate of grade III cotton was left unchanged at Rs 2850 without ST and upcountry expenses.
In ready, until the usual office hours two deals were reported at Rs 2400 per maund.
In New York sharp reversal was seen in cotton futures. May was down 2.96 cents to 58.76 and July down same amount to 60.69 cents a pound.
The scenario change being observed lately is favouring buyers and it appears that local lint prices cannot escape the impact of prices ruling abroad.
However, whether spinners consider the price line suitable enough will depend on their purchases.
Following two deals were reported; 800 bales of Sadiqabad at Rs 2400 and 400 bales of Sakrand at the same rate.
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 2850.00 3277.50 50 3327.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3054.00 3512.10 50 3562.10
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