Spinners took advantage of low prices of cotton at home despite world rate showing sharply upward edge and lifted modest quantity ahead of long Muharram holidays.
The spot rate of grade III cotton was not revised and asking prices in ready remained lower than Rs 3100 without ST and upcountry expenses. The prices range in ready was between Rs 2700 and Rs 3050.
Meanwhile, cotton consultant Naseem Usman informed that KCA and PCGA are meeting to discuss hedge trading on March 4, 2000.
He said KCA has experience and facilities to conduct hedge operations in cotton with ease.
Following deals were noted: 200 bales of Sanghar at Rs 2700, 400 bales of Nawabshah at Rs 3050, 800 bales of Mehrabpur at Rs 3000, 1000 bales of Mondedero at Rs 3000 and 400 bales of Sanghar at Rs 2950 (two months credit).
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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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Ex-Gin Prices Up-country Spot Rate Ex-Karachi
Rate Ex-Gin Including Expenses Including
for Price Sale Tax @ 15% Sales Tax @ 15%
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37.32 Kgs 3100.00 3565.00 50 3615.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3322.00 3820.30 50 3870.30
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