Prices again hit the high mark of Rs 3500 on the cotton market on Monday amid rising demand by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3200, they said. Phutti prices in both Sindh and Punjab were unchanged at Rs 1300-1500, they added.
Deals finalised between Rs 3250-3500 in the ready business. Cottonseed price was at Rs 4500 per maund as a result of higher prices in the world market, they said.
Market sources said that increased business was seen as cotton prices maintained upward trend as a result of the short crop locally and rising trend in the world market. It is most likely that the prices may hold the present trend in the near future, they said.
In the meantime, the ginners were enjoying the opportunity after gaining profits according tto their wishes, they observe. The following deals were finalised : 400 bales from Daur at Rs 3250, 400 bales from Bandhi at Rs 3250-3300, 400 bales from Khipro at Rs 3325, 1800 bales from Tando Adam at Rs 3335, 5000 bales from upper Sindh at Rs 3350-3400, 1000 bales from Dherki at Rs 3450, 7000 bales from Sadiqabad at Rs 3225-3435, 1600 bales from Shujabad at Rs 3250, 800 bales from Alipur at Rs 3300, 1200 bales from Lodhran at Rs 3400, 200 bales from Bhawalpur at Rs 3400 and 400 bales from Kabula at Rs 3500, they said.
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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 3200.00 50 3250.00
Equivalent-------------------------------------------------
40 Kgs 3429.00 50 3479.00
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