KARACHI: The cotton market remained firm on Friday where spinners and exporters were in the forefront of buying spree.

However, slow phutti arrivals (seed cotton) particularly from Punjab into ginneries owing to rains restricted trading activity.

Cotton analysts believe that mild rains in Punjab temporarily slowed down picking operations good for the standing crop and will enhance production.

World’s cotton markets remained depressed with all future contracts at the New York Cotton Exchange closed easy. Many deals on the ready counter were finalised at the season’s highest level of Rs5,775 per maund.

The Karachi Cotton Association (KCA) kept its spot rates unchanged, however.

The following major deals were reported to have changed hands on the ready counter: 2,200 bales, Shahdadpur at Rs5,650, 2,000 bales, Tando Adam at Rs5,650, 2,400 bales, Sanghar at Rs5,650, 2,000 bales, Mirpurkhas at Rs5,650, 1,200 bales, Burewala at Rs5,750, 200 bales, Hasilpur at Rs5,775 and 800 bales, Haroonabad at Rs5,750 to Rs5,775.

The following are Friday’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 30th, 2014

Opinion

Editorial

Energy inflation
Updated 23 May, 2024

Energy inflation

The widening gap between the haves and have-nots is already tearing apart Pakistan’s social fabric.
Culture of violence
23 May, 2024

Culture of violence

WHILE political differences are part of the democratic process, there can be no justification for such disagreements...
Flooding threats
23 May, 2024

Flooding threats

WITH temperatures in GB and KP forecasted to be four to six degrees higher than normal this week, the threat of...
Bulldozed bill
Updated 22 May, 2024

Bulldozed bill

Where once the party was championing the people and their voices, it is now devising new means to silence them.
Out of the abyss
22 May, 2024

Out of the abyss

ENFORCED disappearances remain a persistent blight on fundamental human rights in the country. Recent exchanges...
Holding Israel accountable
22 May, 2024

Holding Israel accountable

ALTHOUGH the International Criminal Court’s prosecutor wants arrest warrants to be issued for Israel’s prime...