Thin business seen on cotton market

Slow business was seen on the cotton market on Monday as leading players remained on the sidelines, keeping in view import of cotton due to higher trend in the local markets, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3175, dealers said.
Country's total need is nearly 15.5 million bales of cotton, if total production fells there would be need to import some 3-4 lakh bales of cotton. The country has already imported nearly 1.2 lakh bales of cotton, seven lakh bales from India and some five lakh bales from Egypt and other CIS states, they said.
The following deals were finalised: 1000 bales of cotton from Hyderabad at Rs 3250, 800 bales from Bahawalpur at the same rate, 1000 bales from Liaquatpur at Rs 3275, 1000 bales from Rajanpur at the same rate 1000 bales from Dera Gazi Khan at the same rate and 600 bales from Multan at the same rates, 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      3175.00        50                    3225.00

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

40 Kgs         3403.00        50                    3453.00

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