Pakistan-Cotton Prices Fall on Slack Demand

After a buying spree earlier in the week, the dwindling interest from spinners pushed cotton prices further lower on Saturday.

Higher crop production estimates the world over kept all leading markets under pressure, with New York Cotton Exchange (NYSE) closing easy for the third consecutive session.

The maturing October contract on the NYSE attracted renewed buying and closed higher to cross 70 cents per lb. All other contracts closed easy. The Indian and Chinese market also remained under pressure.

Only needy spinners were buying to meet their near future needs.

Meanwhile, higher phutti (seed-cotton) arrivals continue to exert more pressure on the prices.

Cotton picking in upper Sindh and many districts of Punjab has begun pushing prices further lower.

Due to falling demand cotton prices fell Rs150-200 per maund during the week.

The Karachi Cotton Association (KCA) spot rates remained firm at the overnight level.

The following major deals were reported to have finalised on the ready counter on Saturday: 1,200 bales, Nawabshah, at Rs6,050 to Rs6,100; 1,600 bales, Sanghar, at Rs5,850 to Rs6,900; 3,000 bales, Tando Adam, at Rs5,850 to Rs5,950; 2,000 bales, Shahdadpur, at Rs5,900 to Rs5,950; 800 bales, Kumb, at Rs6,060; 800 bales, Mirpurkhas, at Rs5,850 to Rs5,900; 800 bales, Ranipur, at Rs6,060; 1,000 bales, Saleh Pat, at Rs6,000 to Rs6,060; 1,200 bales, Hyderabad, at Rs5,850; 800 bales, Kotri, at Rs5,850 to Rs5,900; 600 bales, Chichawatni, at Rs6,150; 800 bales, Haroonabad, at Rs6,150; 800 bales, Burewala, at Rs6,150; and 600 bales, Rajanpur, at Rs6,175.