Buying support was marked again on the cotton market on Saturday where around 3000 bales of cotton changed hands, relevant sources said.
They said that it appeared that bullish trend in the world cotton prices had prompted spinners to take advantage of the situation.
The official spot rate of grade III cotton was not revised because it was thrice reduced during the week. However, it was left for the day at Rs 2800.
The weekend saw cotton futures in New York rising for the third day running. The May was up 0.59 cent to 61.99 and July lost 0.27 cent to 62.36 cents a pound.
Sources however agreed that trading pace would be marked on Monday onwards.
Following deals were marked: 400 bales of Salehpat at Rs 2600; 1375 bales of BaghoBahar at Rs 2885; 400 bales of Chani Goth at Rs 2850; 400 bales of Rahimyar Khan at Rs 2900; and 200 bales at Rs 3000.
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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 2800.00 3220.00 50 3270.00
Equivalent --------------------------------------------------------------------------------------
40 Kgs 3001.00 3451.15 50 3501.15
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