Most of the buyers were conspicuous by their absence on the cotton market on Saturday in the process of dull trading, dealers said.

The official spot rate was inert at Rs8900, they added. In ready session, only one deal of 400 bales of cotton from Khanewal done at Rs8150, they said.

Rate of seed cotton per 40kg in Sindh low quality was at Rs2800, while the best quality was available at Rs4200, and in the Punjab prices were at Rs3000-4500, they said.

In Sindh, Binola prices per maund were at Rs1400-1800, in Punjab rates were at Rs1650-1800, they said and adding that polyester fibre was available at Rs179 per kg, they said.

Market sources said that some leading mills and spinners did not take interest in fresh deals.

Cotton analyst, Naseem Usman said that most of the mills want to buying local cotton at their psychological levels.

But, the ginners who were willing to take maximum profit, kept away from making big deals, he added. Other brokers said that it is surprising to note that after the report of withdrawal of different duties on imported cotton, both buyers and sellers were playing active role but today main buyers prefer to be on the sidelines due to lack of interest.

Reuters adds: ICE cotton futures on Friday slipped from a seven-month high reached in the previous session as risk sentiment soured after a US strike killed top Iranian commander, but prices were still on track for a fifth consecutive weekly rise.

The front-month March contract fell 0.33 cent, or 0.48%, at 68.94 cents per lb by 11:20 a.m. EST (1720 GMT).

Total futures market volume fell by 11,789 to 22,378 lots. Data showed total open interest gained 5,060 to 226,857 contracts in the previous session.

===========================================================================
The KCA Official Spot Rate for Local Dealings in Pakistan Rupees
---------------------------------------------------------------------------
                     FOR BASE GRADE 3 STAPLE LENGTH 1-1/16"
                    MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
===========================================================================
Rate              Ex-Gin   Upcountry   Spot Rate    Spot Rate    Difference
                    For      Price     Ex-Karachi  Ex. KHI. As   Ex-Karachi
                                                   on  03-01-2020
===========================================================================
37.324 kg         8,900       160         9,060        9,060            NIL
Equivalent
40 kgs            9,538       171         9,709        9,709            NIL
===========================================================================