Lacklustre business on cotton market

No transaction was witnessed on cotton market on Tuesday as almost all participants remained on the sidelines due to lack of interest, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2600, they added.
Market sources said that the ginners and spinners did not take interest in the fresh deals due to rains in the Sindh and Punjab. They said not a single deal was reported due to heavy rains in both the provinces, it seems that dullness may continue in the coming days.
The NY cotton was down as the New York Board of Trade's key December cotton contract shed 0.18 cent to settle at 60.79 cents per lb, in a band from 60.45 to 61.10 cents.
The back months ranged from 0.44 cent lower to 0.35 cent higher. Intercontinental Exchange's NYBOT electronic cotton market showed the December contract down 0.07 cent to 60.90 cents at 2:32 pm EDT (1832 GMT).

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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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