Sluggish trading was seen on the cotton market on Tuesday due to mills' absence, dealers said. The official spot rate was unchanged at Rs 2925. Phutti prices were also same both in Punjab and Sindh at Rs 1450-1550. Market sources said that the Trading Corporation of Pakistan (TCP) signed contract to buy nearly 0.6 million bales of cotton.
It appeared that this could be a major factor behind the lack of buying interest by spinners, they noted. Rising trend in NY cotton futures was another factor for the lacklustre business, they added.
On Monday, upward trend was seen on the NY cotton futures as March delivery closed up 0.66 cent at 45.89 cents per lb, dealing from 45.26 to 46.45 cents. Volume for the contract reached 3,246 by 3:30 pm EST (1930 GMT), little changed from Friday's tally of 3,233 lots.
Brokers Flanagan Trading Corp saw resistance in the March contract at 45.30 and 46.25 cents, with support at 44.65 and 43.50 cents. ICE's total cotton volume for Friday was 5,262 lots, compared with Thursday's 9,035 lots, exchange data showed. Only one deal of 400 bales from Mir Pur Khas at Rs 2800 was reported.

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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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37.324 Kgs     2,925.00      100                   3,025.00
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Equivalent
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40 Kgs         3,135.00      100                   3,235.00
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