Firmness prevailed on the cotton market on Saturday as mills remained still on the sidelines to see prices come at their psychological level, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 3300, they said. Phutti prices in both Sindh and Punjab were also same at Rs 1200-1600, they said.
Market sources said the spinners were on the sideline as they have sufficient stuff to meet the demand. But on the other hand, the ginners were also not in a hurry to sell the unsold stock due to short production in the country. In the meantime, it is likely that trading may resume next week on weak note as a result of declining trend in the NY cotton futures, they said.
The NY cotton futures could not come out of the persistent fall due to liquidation by investors at the end of the month to finish lower while players braced for release of a vital government plantings report next week, brokers said.
The ICE Futures' May cotton contracts dropped 1.22 cents to close at 71.68 cents per lb, dealing from 71.28 to 73.35 cents. The new-crop December cotton futures fell 1.32 cents to close at 81.67 cents. In the local business a solo deal was reported as the some 400 bales from Bucheri sold at Rs 3400, they said.

===========================================================
The KCA Official Spot Rate for Local Dealings in Pak Rupees
-----------------------------------------------------------
FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
 MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================
Rate           Ex-Gin     Upcountry    Spot Rate Ex-Karachi
for            Price                        Sales Tax @ 15%
===========================================================
37.32 Kgs      3300.00        50                    3350.00
Equivalent-------------------------------------------------
40 Kgs         3537.00        50                    3587.00
===========================================================