Solo deal reported in docile cotton market

A few mills visited the cotton market on Tuesday to make purchases on the falling rates but ginners' attitude restrained them to do so, dealers said.
The official spot was unchanged at Rs 2600, without upcountry expenses. According to the market sources, some mills tried to buy some new lots fine quality but ginners did not lower the asking prices on anticipation of the tight supply position.
In the meantime, several interested buyers preferred to be on sideline ahead of the Trading Corporation of Pakistan's (TCP) tender, dealers said.
REUTERS ADDS: the New York Board of Trade's benchmark December cotton contract shed 0.97 cent to conclude at 53.19 cents per lb, moving from 53.05 to 53.85 cents. The rest declined from 0.50 to 0.95 cent.
A solo deal of 200 bales of cotton from Vehari done at Rs 2575.

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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      2600.00        50                    2650.00

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

40 Kgs         2786.00        50                    2836.00

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