KARACHI: The cotton market was steady on Wednesday as growers’ wait-and-see approach created some short supply of lint from ginners.

Growers once again held back their phutti (seed cotton) to get better price for their produce.

Floor brokers said that reports of no major damage to standing cotton crop in Punjab and satisfactory situation in Sindh created panic selling for a short period.

However, as the new cotton season has just started the growers are not ready to dispose of their phutti at throwaway prices and suffer huge losses.

Broker said that future price trend would be determined by demand and supply of the cotton.

The New York cotton for second straight session remained under pressure where all futures ended with fresh losses except that of October 2014.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight reduced rates.

The following some major deals were reported to have changed hands on ready counter: 1,200 bales Hyder­abad at Rs5,500 to Rs5,550, 2,000 bales Mirpurkhas at Rs5,500 to Rs5,550, 2,000 bales Sanghar at Rs5,500 to Rs5,575, 2,000 bales Shahdadpur at R5,550 to Rs5,575, 1,200 bales Tando Adam at Rs5,550 to Rs5,575, 1,000 bales Nawabshah at Rs5,575 to Rs5,600, 1,200 bales Chichawatni at Rs5,600 to Rs5,700, 800 bales Mian Channu at Rs5,700, and 400 bales Hasilpur at Rs5,600.

Published in Dawn, September 18th , 2014