KARACHI: Buyers kept replenishing their stocks on Tuesday on falling cotton prices influenced by world trend and domestic factors including higher estimates for current crop production.

The growers are still holding back their phutti (seed cotton) in anticipation of getting better price once the Trading Corporation of Pakistan (TCP) starts cotton procurement, brokers said.

However, as the crop is maturing and first picking is going on at a fast pace, phutti arrivals are still substantial which continue to suppress lint price in the market, brokers added.

Spinners are also cautious in their buying because of sluggish demand for cotton yarn and depressed situation in the world cotton and cotton yarn markets.

The New York cotton market gave mixed trend where far-off futures made modest gains and other futures closed with fresh falls.

The Karachi Cotton Association (KCA) spot rates were steady at previous level.

The following major deals changed hands on ready counter: 2,000 bales Khairpur at Rs5,200 to Rs5,250, 2,000 bales upper Sindh at Rs5,200 at Rs5,250, 800 bale Arifwala at Rs5,200 to Rs5,250, 1,200 bales Alipur at Rs5,225 to Rs5,275, 400 bales Jhang at Rs5,250, 800 bales Tonsa Sharif at Rs5,250, 1,600 bales Shadan Lund at Rs5,250 to Rs5,265, 800 bales Fazilpur at Rs5,250 to Rs5,300, 800 bales Hasilpur at Rs5,250 to Rs5,300, 3,200 bales Rajan-pur at Rs5,250 to Rs5,300

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, October 22nd, 2014