Steady trend was again witnessed on the cotton market on Friday as prices held the firmness in process of modest demand by the mills, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3350, they said.
Phutti prices in both Sindh and Punjab were at Rs 1300-1700, they added. In the ready business, trading was seen between Rs 3375-3525. They said that the short crop in the local market and upward trend in the international markets may propel the buyers to keep purchasing.
The NY cotton futures finished with modest losses on Thursday, as the ICE Futures' May cotton contract lost 1.25 cents to end at 80.81 cents a lb. Its range was a tight 80.52 to 83.15 a lb. The new-crop December cotton contract settled 1.16 cents lower at 88.53 cents per lb.
In the local market some brokers said that the needy exporters were active and cover their immediate requirements in anticipation of further rise in the prices. The following deals were struck: 2900 bales of cotton from Channi Goth sold at Rs 3300, 700 bales from Sadiqabad at the same rate and 1000 bales from Jampur at the same rate, 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      3350.00        50                    3400.00
Equivalent-------------------------------------------------
40 Kgs         3590.00        50                    3640.00
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