Rising price trend in the cotton market has made relaxing spinners restless who have started mopping every available quality lots, sources on Thursday said.
The official spot rate of Grade III cotton was raised by Rs 50 in one stretch to Rs 3,100 without sales tax and upcountry markets.
In ready where prices have launched Rs 3,300 mark, buying on Thursday peaked at around/over 10,000 bales of cotton with prices ranging between Rs 2,325 and Rs 3,225 per maund.
The signal from New York was in negative, July futures lost 1.33 cents to 62.35 and October was down 0.85 cents to 60.20 cents a pound.
Since, quality lint is evaporating with every passing day spinners are convinced they must not delay any further and lift it. Sources hope the buying may continue for sometime.
Following deals were noted: 400 bales of Khipro at Rs 2,725, 300 bales of Shahdadpur at Rs 2,825 (importers to mill), 600 bales of Dadu at Rs 2,900, 2,000 bales of Rohri at Rs 2,900, 1,000 bales of Salehput at Rs 2,850, 1,000 bales of Ahmadpur at Rs 3,225, 600 bales of Liaquatpur at Rs 3,150 and 2,900 bales of Bahawalpur at Rs 3,200.
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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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