The official spot rate shed Rs 10 to Rs 2365, without upcountry expenses. Cotton was trading at Rs 2100-2400 in Sindh and in Punjab it was at Rs 2250-2400, they said.
Brokers at the cotton market said that there was no change in the present scenario as local buyers choose sidelines mainly because of international market closure and the year-end payments.
They said that higher rates of the trucks were also an adding factor behind the low trading. Freight rates had been raised by the truck owners to bring the sacrificial animals from the upcountry centres, they added.
Under the prevailing circumstances, when the ginners have huge unsold stock but not looking to sell despite knowing the fact that mills had sufficient stock and also paying higher rates for better quality to compete the world markets.
ACCORDING TO THE REUTERS: the cotton market was shut on Monday for Christmas. The New York Board of Trade's key March cotton contract rose 0.26 cent to settle at 53.80 cents a lb., dealing from 53.60 to 54.25 cents. May gained the same amount tobe to 54.40 cents. The rest were up 0.18 cent to 0.90 cent lower.
FOLLOWING DEALS WERE REPORTED: 2000 bales of cotton from Uch Sharif at Rs 2400, 1000 bales from Ahmedpur East, same figure from Bhawalpur, same number from Yazman Mandi, and 100 bales from Lodhran at the same rate, 400 bales from Hyderabad at Rs 2325, 600 bales from Mailsi at Rs 2375 and 400 bales from vehari at Rs 2340.
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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 2365.00 50 2415.00
Equivalent-------------------------------------------------
40 Kgs 2535.00 50 2585.00
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