Upcountry rains dampen cotton market

Both the buyers and sellers kept on the sidelines on the cotton market on Monday partly due to the news reaching here from upcountry about fresh rains there, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
According to the market sources, the ginners were happy under the circumstances, the rains in the cotton growing areas in Punjab, raised the expectations of increase in the prices. "Now the we can hope that the price can go up in the near future as new crop of cotton may not reach on time", they said.

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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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