Official spot rate was down and lint prices remained range bound on the cotton market on Saturday in process of trading, dealers said. The Karachi Cotton Association (KCA) official spot rate was lower by Rs 50 at Rs 2825, dealers said.
Phutti prices in Punjab were lower at Rs 1325-1350 and at Rs 1425-1450 in Sindh, they said. After the December cotton contract dropped 1.67 cent in New York, the prices tended lower in the local market, dealers said. But it seems the spinners will show some resistance while finalising deals at the present price levels, which may create tug-of-war between buyers and sellers.
Satisfactory position after the monsoon rains slight fall in the prices were expected but one thing is clear that prices of fine quality may not fall sharply, dealers said.
The ICE Futures open-outcry December cotton contract dropped 1.67 cent to settle at 65 cents per lb., dealing from 64.70 to 66.95 cents. On Thursday the contract ended at 66.67 cents, the loftiest close for cotton since it traded near 68 cents in mid-July. March cotton fell 1.44 cents to 68.52 cents.
Back months declined from 0.83 to 1.62 cents. The ICE electronic cotton market showed the December contract 1.69 cents lower at 64.98 cents at 3:10 pm EDT (1910 GMT), moving from 64.30 to 66.98 cents.
The following deals were reported: 600 bales from Shahdadpur sold at Rs 2900, 400 bales from Tando Adam at the same rate, 1000 balrs from Sanghar at Rs 2875/2900, 800 bales from Sharhari at Rs 29, 1000 bales from Shahpurchaker at Rs 2900, 600 bales from Mirpurkhas at Rs 2875, 1000 bales from Nawabshah at Rs 2900, 600 bales from Bahawalpur at Rs 2875/2900, 1000 bales from Tando Adam at Rs 2900, same figure from Shahdadpur at the same rate, 1000 bales from Chishtian at Rs 2850/2900, 400 bales from Chichawatni at Rs 2875, 400 bales from Sahiwal at Rs 2875 and 600 bales from Khanpur at Rs 2900, 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      2825.00        50                    2875.00
Equivalent-------------------------------------------------
40 Kgs         3028.00        50                    3078.00
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