Main participants refrained from normal business ahead of Pakistan Cotton Ginners' Association (PCGA) report and partly because of lack of fresh leads, dealers said on the cotton market on Tuesday. The official spot rate was unchanged at Rs 7,600, they added. In ready session, over 1600 bales of cotton changed hands between Rs 6700-6850, they said. In both Sindh and the Punjab, seed cotton prices were same at Rs 2800 and Rs 3500, they said.
According to the market sources, both buyers and sellers were conspicuous by their absence in the absence of fresh leads. The mills and spinners adopted wait-and-see mood ahead of release of PCGA report, shortly, experts said.
They also said that Pak exporters returned with positive respond after winning several orders from the Middle East, European countries and the US, but it was surprising to note that a kind of good reflection was not seen in the cotton business, they added. In the world market, the tone was soft after the issuance of the United States Department of Agriculture (USDA) report, showing a modest rise in the cotton production, they said.
The following deals reported: 600 bales of cotton from Faqeerwali at Rs 6850, 400 bales from Bahawal Nagar at Rs 6700 and 600 bales from Hasilpur at Rs 6850, they said.

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The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
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                                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                  on 15.01.2018
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37.324 kg          7,600      145         7,745        7,745            NIL
Equivalent
40 kgs             8,145      155         8,300        8,300            NIL
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