According to the market sources, the mills and exporters both were active to make fresh deals. The ginners also showed interest in selling. So the exporters made buying due to attractive rate of dollar versus the rupee these days, dollar crossed the new high at 85 in the interbank market, they said.
On Friday, the NY cotton futures sagged to a weak close due to steady investor liquidation although losses were limited somewhat by solid trade and mill buying in the market, brokers said. The key March cotton contract shed 0.11 cent to finish at 69.03 cents per lb, moving from 68.92 to 69.72 cents. It was an inside day since the range was within Thursday's 68.83 to 69.83 cents band. Friday's close was the lowest level for cotton on the spot daily charts since November 19.
Volume traded in the March contract hit 10,434 lots at 2:40 pm EST (1940 GMT). The following deals were reported : 400 bales of cotton from Sanghar sold at Rs 4490-4600, 1000 bales from Karachi at Rs 4550, 4825 from upper Sindh at Rs 4800, (One month credit), 4800 bales from Rahim Yar Khan at Rs 4775, 400 bales from Jam Pur at Rs 4625, 400 bales from Burewala at Rs 4650 and 200 bales from Faqirwali at Rs 4450, dealers said.
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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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