In the ready business, as a result of higher demand by the buyers, above 16,000 bales of cotton changed hands between Rs 4415-4750. Phutti prices in both the Punjab and Sindh also gained Rs 50 at Rs 2050-2350, they added. Rising buying interest among the mills pushed the rates higher in spot and ready business, cotton experts said.
After arrival of over 12 million bales of cotton, it looks that the country may achieve the target of 12.7 million bales due to favourable weather and no damages causing attacks of curly cotton leaf virus and mealy bug and other cotton related diseases, dealers said. On Tuesday the NY cotton futures ended easier on investor sales following a holiday break and brokers feel the weak technical picture could further pressure fibre contracts this week.
The cotton market was shut on Monday for the Martin Luther King Jr. holiday. The key March cotton contract fell 0.44 cent to close at 71.64 cents per lb, dealing from 71.53 to 72.64 cents. Volume traded in the March contract hit 10,279 lots at 2:40 pm EST (1940 GMT).
THE FOLLOWING DEALS WERE REPORTED: 800 bales of cotton from Sultanabad sold at Rs 4415-4430, 400 bales from Dadu at Rs 4525, 400 bales from Shah Pur Chaker at Rs 4600, 200 bales from Tharo Shah at Rs 4575, 400 bales from Sarhari at Rs 4650, 1300 bales from Sanghar at Rs 4550, 200 bales from Kandario at Rs 4600, 3000 bales from Nawabshah at Rs 4575, 4000 bales from upper Sindh ar Rs 4650-4750, 4000 bales from Rahim Yar at Rs Khan 4700, 600 bale from Sadikabad at Rs 4700, 800 bales from Haroonabad at Rs 4550.
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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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37.324 Kgs 4,600.00 100 4,700.00
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Equivalent
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40 Kgs 4,930.00 100 5,030.00
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