Most of leading buyers indulged in fresh buying in the cotton market on Wednesday on anticipation of increase in the prices, dealers said. The official spot rates were unchanged at Rs 2250, without upcountry expenses. Market sources said that the cotton prices were within the band of Rs 2150-2350 and seed-cotton prices were at Rs 900-1075. Some mills and spinners were covering their short-term requirements on anticipation that prices may go up in the coming days, they said.
On the other hand some of players were expecting that the prices might ease after the Trading Corporation of Pakistan (TCP) release of its cotton holdings which may help in keeping prices at the reasonable levels, cotton experts said.
In the mean time, ginners were hoping that the mills will continue buying and current stock might be enough to satisfy their needs, they added.
The NY cotton futures drifted lower as trade selling at the day's highs pressured prices a day after they vaulted to a nine-month peak, sources said.
The New York Board of Trade's key May contract lost 0.38 cent to finish the day at 53.58 cents a lb, after dealing between 53.20 and 54.60 cents. The July contract slipped 0.49 cent to 54.90 cents, while the rest of the board closed 0.50 to 1.05 cents weaker.
FOLLOWING DEALS WERE REPORTED:
500 bales of cotton changed hands from Hingorja at Rs 2200, 1700 bales from Serhari at Rs 2100,-2200, 2000 bales from upper Sindh 2200-2300, 1000 bales from Sadiqabad at the same level, 2000 bales from Shawalpur at Rs 2325, 577 bales from Ahmedpur East at the same level, 2000 bales from Shujabad at the same amount and same figure from Rahimyar Khan at Rs 2200-2325.

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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      2250.00        50                    2300.00
Equivalent-------------------------------------------------
40 Kgs         2411.00        50                    2461.00
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