KARACHI, July 30: Cotton prices on Monday remained stable but slightly below the previous levels as leading spinner groups apparently took a breather followed by reports of steady arrivals of phutti into the ginneries.

Unlike the last couple of sessions, most of the deals in the ready section were done around Rs3,100 on the higher side as compared to weekend’s Rs3,150 per maund, floor brokers said.

There was, however, no change in prices of phutti, which on an average was being sold around Rs1,400 per maund despite the fact that picking operations in the central Sindh and Punjab cotton belts were at their peak, the market sources said.

They attributed the slight decrease in prices to Punjab government’s clarification that the damage to the standing crop due to pest attack in some areas was modest and was expected to be controlled by spraying.

“But what seems to have kept leading spinners and mills out of the market was official reports that production target would be achieved allaying fears of a short crop,” they added.

But reports of crop losses in Sindh because of floods and pest attack may continue to influence prices on the higher side, they said.

Meanwhile, reports coming from the ancillary sector indicated that prices of cotton yarn on the local market were stable and within their export parity levels despite a modest increase of Rs3 to Rs5 per kilo.

Official spot rates were, therefore, again held at the last level of Rs2,900 for an average quality lint but in the ready section most of the deals were done Rs150 to Rs200 per maund higher.

Mill ready offtake was light totalling about 2,000 bales all in Sindh type, following being some of the notably deals: 400 bales, each Kot Ghulam Muhammad and Tando Adam at Rs3,090 to Rs3,100, 400 bales, Shahdadpur at Rs3,100 and 400 bales, Sanghar at Rs3,090 to Rs3,100.

The following are Monday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Rate for Ex-Gin Price Up-country Spot rate

Expenses Ex-Karachi

37.324 kgs 2,900 50 2,950.00

Equivalent

40 kgs 3,108 50 3,158.00