KARACHI: Steady conditions prevailed on the cotton market on Thursday where lint prices remained higher amid sustained buying from spinners and some exporters.

However, phutti (seed cotton) arrivals from cotton fields into ginneries were slow which disturbed demand and supply position of raw cotton. There was strong demand from quality-conscious millers who were keen to replenish their stocks from initial (phutti) picking.

Reports of rains in cotton growing areas of Punjab were encouraging as this would help the crop at this stage, brokers said. Nevertheless, rains have also slowed down picking in the province.

The world cotton markets remained firm where New York cotton closed all-round higher for its six future contracts.

The Karachi Cotton Association (KCA) spot rates remained unchanged.

The following major transactions changed hands on ready counter: 4,000 bales Shahdadpur at Rs5,600 to Rs5,650, 4,000 bales Tando Adam at Rs5,600 to Rs5,650, 3,000 bales Sanghar at Rs5,600 to Rs5,625, 1,200 bales Khanewla at Rs5,700and 1,000 bales Burewala at Rs5,700.

The following are Thursday’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.

Published in Dawn, August 29th, 2014