Trading activity remained under pressure as mills are still sidelined mainly because of higher trend in the prices, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 5475, they said. In the ready business, only 800 bales of cotton from Ali Pur, were sold at Rs 5500, they added.
Some analysts said that other reason behind the subdued business is wait-and-see attitude of the participants due to wait for the Pakistan Cotton Ginners Association (PCGA) fortnightly report, expected shortly. In the meantime, it is hoped that the prices may go up or stabilise in the coming days, they said. On Friday, the New York cotton market was closed due to Good Friday holiday and business will resume on Monday.
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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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37.324 Kgs 5,475.00 100 5,575.00
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Equivalent
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40 Kgs 5,868.00 100 5,968.00
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