Cotton prices were higher in the local market on Monday as spinners continued purchasing of best quality of cotton mainly from the Punjab centres, dealers said.
The official spot rate shrugged off the weekend weakness, recovering Rs 25 to Rs 2375, without upcountry expenses. Cotton prices in Punjab were up at Rs 2425 and Rs 2450 on rising demand.
Some brokers said that as compared to the last week, market opened on sluggish note as many buyers were on the sidelines as ginners were showing some reluctance and asking for higher prices. When prices started rising, ginners held the stock on anticipation of further increase in the prices, they said.
Market sources also said that last week prices' soft tone was based on the perception of better phutti arrivals in the coming days .
The noticeable thing was despite the decline in phutti arrivals against the last year, the prices were lower in the local market last week, but now the rates started picking up on fears of short crop, dealers said.
Some millers were the regular buyer and doing their business according to their requirement. In the meantime, the ginners and growers were looking worried about the present trend in the prices.
A huge number of unsold stock with them and expectations of good production dragging them into the uncertainties regarding prices, they said.
FOLLOWING DEALS WERE REPORTED: some 800 bales of cotton from Bahawalpur sold at Rs 2425, 400 bales from Jahanian at Rs 2425, 600 baes from Jalalpur at Rs 2425-2450, 400 bales from Saeedabad at Rs 2450 same number from Multan at Rs 2425 and same figure from Rahimyar Khan at Rs 2425.

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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      2375.00        50                    2425.00
Equivalent-------------------------------------------------
40 Kgs         2545.00        50                    2595.00
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