Brisk Buying Continues on Cotton Market

Sustained demand from spinners ahead of long closure on account of Ashura helped cotton prices to stay firm on Tuesday. However, it was interesting to note that spinners were not ready to pay more for the lint suggesting that they are conscious of the viability of yarn in domestic as well as world marketd.

The phutti (seed-cotton) arrivals into ginneries were gradually improving and according to market reports by middle of next month the flow would increase manifold to over 50,000 bales per day.

The phutti prices also remained steady and were being quoted between Rs2,800 to Rs3,000 for Sindh variety and Rs2,800-Rs3,100 per maund for Punjab quality.

The world leading cotton markets closed steady barring India where prices declined by Rs500 per candy (356kg) on reports that the crop size would be around 40 million bales.

The Karachi Cotton Association (KCA) kept its spot rates unchanged at overnight level.

The following major deals were reported to have changed hands on the ready counter: 1,000 bales, Tando Adam, at Rs5,900 to Rs6,000; 1,600 bales, Shah­da­­dpur, at Rs5,950 to Rs6,050; 2,000 bales, Nawabshah, at Rs6,125 to Rs6,150; 4,000 bales, Khairpur, at Rs6,200; 2,000 bales, Rohri, at Rs6,200 to Rs6,225; 2,000 bales, Saleh Pat, at Rs6,200 to Rs6,225; 800 bales, Haroonabad, at Rs6,150 to Rs6,175; 600 bales, Hasilpur, at Rs6,150 to Rs6,200; 600 bales, Sadiqabad, at Rs6,300; 400 bales, Burewala, at Rs6,250; 600 bales, Baha­wal­pur, at Rs6,250; 400 bales, Mian Chano, at Rs6,250; 800 bales, Rajanpur, at Rs6,200 to Rs6,250; and 400 bales, Bakkar, at Rs6,200.