The official spot rate shed Rs 20 to Rs 2330, without upcountry expenses. Cotton prices in Sindh were between the range of Rs 2090-2350 and in Punjab at Rs 2350-2400, dealers said.
According to the market sources in the cotton market, cautious attitude was adopted by both the mills and ginners in process of lacklustre activity.
Both the ginners and growers remained on the sidelines and were waiting for the government's intervention to stabilise prices, experts said.
They also said that the mills, on the other hand, were not in a hurry to make new deals on anticipations that prices would come down in the near future.
REUTERS ADDS: the New York Board of Trade's key March cotton contract fell 0.46 cent to end at 52.15 cents a lb, trading from 52.10 to 53.50 cents.
May shed 0.50 to 53.40 cents. One contracts aside, the rest slipped 0.10 to 0.65 cent.
FOLLOWING DEALS WERE REPORTED: 1000 bales of cotton from Jahanian at Rs 2375, same figure from Rahimyar Khan at Rs 2375-2400, same number from Gorja at the same level, 400 bales from Arifwala at Rs 2375 and 1400 bales from Khanewal at Rs 2400.
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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 2330.00 50 2380.00
Equivalent-------------------------------------------------
40 Kgs 2597.00 50 2847.00
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