Steady trend was again witnessed on the cotton market on Thursday as the mills grabbed all lots offered by the ginners at the psychological level, dealers said. The official spot was unchanged at Rs 2600, without upcountry expenses.
Market sources said that the Trading Corporation of Pakistan (TCP) sold nearly 6000 bales of cotton at Rs 2450. It seems that the prices will continue to remain firm due to tight supply position, they said.
Present trend in the phutti prices, may propel the mills to cover their immediate needs, some brokers expect. On the other hand, it is also expected that the ginners may start lowering the prices to dispose off their unsold stock, they added.
ACCORDING TO THE REUTERS: the New York Board of Trade's benchmark December cotton contract added 0.69 cent to end at 54.20 cents per lb, moving from 53.70 to 54.29 cents. Distant months increased from 0.60 to 0.80 cent.

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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      2600.00        50                    2650.00
Equivalent-------------------------------------------------
40 Kgs         2786.00        50                    2836.00
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