The official spot rate was unchanged at 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.
Market sources said that most of the participants were on the sidelines in the absence of fresh leads. Some mills opted for fresh buying to cover their immediate needs, they added.
It seems that the market is lacking direction due to confusions over the actual figure of productions.
THE REUTERS ADDS: the New York Board of Trade's key March cotton contract rose 0.27 cent to end at 54.07 cents a lb., moving from 53.85 to 54.25 cents. The range nearly matched on Tuesday's 53.60 to 54.25 cents band. May add 0.26 to 54.66 cents. The rest increased from 0.30 to 0.47 cent.
Following deals were reported as 2000 bales of cotton from upper Sindh sold at Rs 2400-2415, 1000 bales from Rahimyar Khan at Rs 2400, same number from Ahmedpur East and same number from Bhawalpur at the same rate.
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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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