Around 3000 bales of cotton changed hands at declining rates on Saturday, also consoling the ginners that sales appeared to have been picking up, relevant sources said.
The official spot rate was unchanged, though sharply down cotton futures had pressured enough. However, spot rate was maintained at Rs 3050.
New York cotton futures continued to show low profile. July was down 0.29 cent to 52 cents and October was unchanged at 54 cents a pound.
Trading has been lately picking up but cotton lifting was expected to move at a snail's pace, cotton consultant Naseem Usman said. He said that nearly 2.5 million imported bales of cotton have either reached inventory or are in the pipeline.
Following deals were noted: 2400 bales of Rahimyar Khan at Rs 3150; 400 bales of Khanpur at Rs 3000; and 200 bales of Chundko at Rs 3150.
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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 3050.00 3507.50 50 3557.50
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3269.00 3759.35 50 3809.35
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