Rising trend was seen on the cotton market on Saturday as official spot rate was up, dealers said. The Karachi Cotton Association (KCA) official spot rate gained Rs 25 to Rs 2450, without upcountry expenses. The Phutti prices in Sindh and Punjab quoted upward at Rs 1200-1300, dealers said.
Market sources said that the price moved further up on rising demand by the mills on fears of short supply position. The ginners were raising the asking prices despite the fact that they have enough stock. It's a fact the spinners were covering the short-term position as some of them were anticipating the ginners may adopt tough stance over the prices.
Following deals were finalised: 1000 bales of cotton from Moro sold at Rs 2450/2475, 3000 bales from Rajanpur at Rs 2525, 2000 bales from Khairpur at Rs 2450/2475, 4000 bales from Ahmedpur East at Rs 2525, 1000 bales from Sanghar at Rs 2350, 2000 bales from Shujabad at Rs 2525, 1000 bales from Shahdadpur at Rs 2400/2450, 1000 bales from Multan at Rs 2525, 1000 bales from Tando Adam at Rs 2350/2375, 3000 bales from Bahawalpur at Rs 2525, 1000 bales from Nawabshah at Rs 2400/2425, 2000 bales from Faisalabad Dist at Rs 2490/2500, 2000 bales from upper Sindh at Rs 2500/2525, 2000 bales from Dera Ghazi Khan at Rs 2525, 5000 bales from Lodhran at Rs 2525, 1000 bales from Rahim Yar Khan at Rs 2525, and 1000 bales from Sadiqabad 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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Rate Ex-Gin Upcountry Spot Rate Ex-Karachi
for Price Sales Tax @ 15%
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37.32 Kgs 2450.00 50 2500.00
Equivalent-------------------------------------------------
40 Kgs 2626.00 50 2676.00
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