Some trading was seen on the cotton market on Monday as ginners did not show any change in their attitude as the TCP getting better response at weekly auctions, relevant sources said. The official spot rates held its overnight level at Rs 2225, without upcountry expenses. Both the local and foreign buyers were concentrating on the cotton purchase from the Trading Corporation of Pakistan (TCP) due to quality factor, sources said. On Monday, the TCP sold some 49,400 bales of cotton to the mills, ranging Rs 2280 and 2330 , dealers said.
Last week, the Corporation sources said that the TCP received 76 bids from the foreign and local buyers for the sale of 129,900 bales of cotton against the total offer of 52,000 bales under the tender on May 23, they said.
The TCP received highest bid by the Bhawalpur godown at Rs 2,330 .
Some brokers said that the ginners were not taking part in the cotton selling the unsold stock as they are confident that the prices will move up in the coming days.
Some 50 bales of cotton sold at Rs 2225 for Harronabad delivery, 150 bales of cotton for Karachi delivery at Rs 2300, 462 bales of Vehari at Rs 2150, 100 bales from same station at Rs 2100 and 147 from the same station at Rs 2350.
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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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37.32 Kgs 2225.00 50 2275.00
Equivalent-------------------------------------------------
40 Kgs 2385.00 50 2435.00
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