KARACHI: The cotton prices on Wednesday remained firm amid sustained buying from spinners and some exporters.

As the picking season has entered its peak, the flow of phutti (seed cotton) is gaining momentum which is keeping lint prices under pressure. However, some growers continue to hold back their phutti to get higher price once the Trading Corporation of Pakistan (TCP) starts procurement.

Many spinners participated in China cotton yarn fair reported to have bagged some good orders and this induced buying which helped stabilise cotton prices, brokers said.

They added that the buying has intensified ahead of long Ashura closure as many millers are building up their inventory to meet cotton demand.

Though world cotton markets generally remained easy, New York cotton made modest recovery where all future contracts closed higher.

The Karachi Cotton Association (KCA) spot rates remained firm at previous level.

The following major deals were reported to have changed hands on ready counter: 3,000 bales Khairpur at Rs5,175 to Rs5,225, 2,000 bales upper Sindh at Rs5,175 to Rs5,225, 1,000 bales Kabbirwala at Rs5,225, 600 bales Uch Sharif at Rs5250, 1000 bales Khanewal at Rs5250 to Rs5275, 1600 bales Rahimyar Khan at Rs5,275, 1,600 bales Mohammadpur at Rs5,275 to Rs5,300, 1,200 bales Rajanpur at Rs5,300 and 1,000 bales Mianwali at Rs5,300.

Published in Dawn, October 30th , 2014