Cotton market modestly active

Modest trading was seen on the cotton market on Monday as some mills showed some interest in fresh buying, dealers said. The Karachi Cotton Association (KCA) official spot rate held its overnight level at Rs 2375, without upcountry expenses. Market sources said that the Trading Corporation of Pakistan (TCP) received bids for 69,500 bales of cotton against the tender of 67000 bales of cotton.
They all Cotton market modestly active so said that exporters bidding for 15,000 bales of cotton at 46.06 cents per pound.
The mills also bidding for 54,500 bales of cotton at Rs 2440, they added. They said that the TCP has to dispose off all unsold stock before the deadline of August 15.
A solo deal of 200 bales of cotton of new crop finalised from the Mirpurkhas 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      2375.00        50                    2425.00

Equivalent-------------------------------------------------

40 Kgs         2545.00        50                    2595.00

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