Cotton market turns cheerless

Cotton market turned cheerless on Saturday after buyers had indulged in continued buying for the last three days of the week, relevant sources said.
The official spot rate of grade III cotton was unchanged at Rs 3100 without ST and upcountry expenses. In ready, no deal was reported.
From New York signal was that futures were mixed. July was up 0.04 cent to 61.19 while October was unchanged at 59.60 cents a pound.
Sources said that market trend might be clear on Monday next.
Meanwhile sources said that textile mills would need two million bales to meet the orders from abroad and local consumption.

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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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