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