The official spot rate maintained its overnight level at Rs 2350 for the third consecutive session, without upcountry expenses.
In the ready business, the cotton prices were at Rs 2250-2375 in Sindh and in Punjab unchanged at Rs 2375-2400.
Phutti prices in Sindh stayed put at Rs 1050-1105, in Punjab retained the overnight level at Rs 1100-1125, dealers said.
According to the market sources, the Trading Corporation of Pakistan has received encouraging response from the exporters at the tender. Exporters bidding for nearly 95 million bales of cotton ranging between 40-44 cents, they said.
The New York Board of Trade's key December cotton contract surged 1.20 cents to end at 55.23 cents a lb, dealing from 54.10 to 55.34 cents. March rose 1.03 to 57.19 cents and the back months advanced 0.80 to 1.00 cent.
Mike Stevens, an analyst for brokers SFS Futures in Mandeville, Louisiana, said the close above 55.10 cents for December delivery meant the contract may now mount a probe toward a technical target running from 55.75 to 55.90 cents.
FOLLOWING DEALS WERE REPORTED: some 200 bales of cotton from Sanghar at Rs 2275, same number from Tando Adam at Rs 2325, 1400 bales of cotton from Kabirwala at Rs 2400, 1000 bales from Burewala at Rs 2375-2400, 400 bales from Shujabad at the same rate, 1000 bales from Jahanian at Rs 2400 and 2000 bales from Rahimyar Khan at Rs 2375-2410.
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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 2350.00 50 2400.00
Equivalent-------------------------------------------------
40 Kgs 2518.00 50 2568.00
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