Cautious trading was seen on the cotton market on Saturday as needy mills were purchasing cotton to meet their short-term requirements, dealers said. The official spot rate was unchanged at Rs 2500, without upcountry expenses. According to the market sources, the ginners were not ready to dispose off the unsold stock with them and looked in the mood to wait for proper time to sell.
They were not anticipating that the prices would come down due to good production this season. The mills were buying fine quality of cotton to meet the demand, they said. The Trading Corporation of Pakistan (TCP) has accepted bids for 14,000 bales of cotton, ranging between Rs 2362 and Rs 2423, they said.
According to the Reuters: The New York Board of Trade's December cotton contract soared 1.27 cents or 2.3 percent to settle at 55.46 cents per lb, dealing from 53.86 to 55.60 cents. It was the highest close for the contract since settling at 56.88 cents on June 21. March gained the same amount to 58.50 cents. The rest increased 0.38 cent to 1.35 cents.

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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      2500.00        50                    2550.00
Equivalent-------------------------------------------------
40 Kgs         2679.00        50                    2729.00
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