The cotton market was cheerless on Monday as no deal was struck till late in the evening, relevant sources said.
The spot rate of grade III cotton was pulled down by Rs 50 to Rs 2850 without Rs 50 upcountry expenses.
Sources said that in the interim period when quality cotton stock is exhausted and new crop starts making inroads, such conditions do prevail. However, they said that buyers have been weighing their position and might return for normal buying soon.
Meanwhile, ginners are accepting phutti only when they are sure that quality is normal. They have already sold a couple of lots for delivery around August.

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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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37.32 Kgs      2850.00        50                    2900.00
Equivalent-------------------------------------------------
40 Kgs         3054.00        50                    3104.00
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