Hectic buying was witnessed in the cotton market on Thursday as prices fluctuated but within limited range, dealers said. The official spot rate was unchanged at Rs 2375, without upcountry expenses. Cotton prices in Punjab were at Rs 2400 and Rs 2425 on rising demand.
According to the market sources, apparently it seems that the confusing reports about the size of the phutti arrivals worked as many spinners bought cotton in the big way to meet the future requirements.
They are still buying cotton due to unclear figures about the current season production, which is encouraging the ginners to keep prices mostly on the higher side.
They said that the buyers were active mostly for the Punjab type due to quality factor, which is helping the Punjab cotton to retain recent rise. Most of the deals stuck within Rs 2375 and Rs 2425, dealers 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      2375.00        50                    2425.00
Equivalent-------------------------------------------------
40 Kgs         2545.00        50                    2595.00
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