KARACHI: Selling pressure mounted on cotton market on Tuesday where higher phutti (seed cotton) arrival generated some panic selling from ginners.

Reports of no major damage to standing cotton crop in the Punjab forced growers to release their held back phutti stocks which further pushed down lint prices.

Therefore, overnight selling pressure intensified and ginners with large stocks rushed to off-load their lint. The spinners looking at the developing scenario on the cotton economy slowed down their buying activity which further brought prices under pressure.

The ready trading deals were generally finalised lower between Rs150 and Rs200 per maund and trading volume was fairly moderate. The world cotton markets also depicted easy trend where New York cotton closed lower for all the future contracts.

The Karachi Cotton Asso­cia­­­­­tion (KCA) spot rates were also revised downward by Rs100 to Rs5,550 per maund.

The following major deals were reported to have changed hands on ready counter: 1800 bales from Sanghar done at Rs5600 to Rs5650, 2000 bales from Mirpurkhas done at Rs5600 to Rs5700, 1200 bales from Tando Adam done at Rs5625 to Rs5700, 2000 bales from Shahdadpur done at Rs5625 to Rs5700, 1000 bales from Khairpur done at Rs5675 to Rs5700, 1000 bales from upper Sindh done at Rs5650 to Rs5700, 1000 bales from Vehari done at Rs5650 to Rs5700, 2300 bales from Kanewal done at Rs5700 to Rs5750 and 400 bales from Gaggo Mandi done at Rs5650.

The following are Tuesday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, September 17th, 2014