KARACHI: Steady conditions prevailed on the cotton market on Tuesday where spinners kept covering up their positions.

Floor brokers said that oversold position of ginners somewhat restricted trading. Nevertheless, sustained buying from millers slightly pushed up lint prices on ready counter.

The oversold position of ginners and slow arrivals of phutti (seed cotton) also restricted trade volume. However, prices generally remained firm as millers intermittently kept lifting lots of their choice.

The world cotton markets remained easy where New York opened the week by suffering losses for all the future contracts.

The Karachi Cotton Association (KCA) reduced its spot rates by Rs50, to Rs5,350 per maund. Trading on ready counter was fairly active.

The following major deals were reported to have changed hands on ready counter: 2,000 bales Shahdadpur at Rs5,350 to Rs5,400; 2,200 bales Sanghar at Rs5,350 to Rs5,400; 1,600 bales Tando Adam at Rs5,350 to Rs5,400; 1,800 bales Mirpurkhas at Rs5,350 to Rs5,400; 100 bales Hyderabad at Rs5,350 to Rs5,400; 1,600 bales Burewala at Rs5,450 to Rs5,500; 1,000 bales Hasilpur at Rs5,500 to Rs5,525; 1,000 bales Khanewal at Rs5,500 to Rs5,550; 1,000 bales Shujabad at Rs5,500; and 1,000 bales Arifwala at Rs5,450 to Rs5,500.

Published in Dawn, August 20th, 2014