Firmness prevailed in the cotton market on Wednesday as prices did not show any weakness in process of lean business, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2725, without upcountry expenses.
Market sources said that the mills were purchasing cotton from the ginners but higher prices were the main hurdle, which is restricting them from hectic buying. On the other hand, the ginners are in relaxed mood, showing no hurry in selling the unsold stock, they said.
The New York cotton futures failed to come out of the bottom side as in the open-outcry pit, New York Board of Trade's July cotton contract slipped 0.40 cent to close at 51.60 cents per lb, dealing from 52.25 to a new contract low of 51.58 cents.
Spot May sank 0.65 to 49.73 cents. The rest lost 0.34 to 0.45 cent. Intercontinental Exchange's NYBOT electronic platform for cotton showed the July contract down 0.31 cent at 51.69 cents at 2:32 pm moving from 52.24 to a contract low of 51.56 cents. Some 4000 bales of cotton changed hands from the station of Khanpur and Rahim Yar Khan at Rs 2800, they 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      2725.00        50                    2775.00
Equivalent-------------------------------------------------
40 Kgs         2920.00        50                    2970.00
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