Rising mills demand helped the prices to retain the weekend levels on the cotton market on Monday, dealers said. The official spot rate was unmoved at Rs 3450. The Phutti prices in Sindh and Punjab were at Rs 1700-1800. The rates moved between Rs 3300-3600 in the ready business, they said.
Market sources said that improved buying by the mills was seen as if they gave up the idea to wait for coming down the prices because the ginners did not show any flexibility in their attitude.
The ginners had no option but to adopt firm attitude as there is acute shortage of fine type, mills are bound to buy local cotton at asked price, they said. Commenting on the prevailing trend in the market they said that prices may retain the present levels due to short supply position.
THE FOLLOWING DEALS REPORTED: 1700 bales of cotton from Mirpurkhas at Rs 3400, 800 bales from Shahdadpur at Rs 3400, 400 bales from Khipro at Rs 3400, 400 bales from Shahpurchakar at Rs 3400, 400 bales from Sarhari at Rs 3400, 400 bales from Tando Adam at Rs 3400, 1700 bales from Rohri at Rs 3300, 1000 bales from Panno Aqil at Rs 3400, 2000 bales from Khanpur at Rs 3600, 400 bales from Shujabad at Rs 3500 and 2000 bales from Rahim Yar Khan at Rs 3600, 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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37.324 Kgs 3,450.00 100 3,550.00
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Equivalent
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40 Kgs 3,697.00 100 3,797.00
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