KARACHI: Price remained steady on the cotton market on Wednesday amid selective buying for quality lint.

Dwindling stocks of quality lint with ginners are a cause of concern for many millers who have yet to meet their entire seasonal demand.

Reports from cotton fields indicate that very little phutti (seed cotton) has been left behind for picking. Stocks held by ginners are also lesser than that in the same period of last year.

Higher cotton prices in the world markets have also disturbed import parity, and local millers are now purchasing cotton from the domestic market, brokers said.

The Karachi Cotton Association’s (KCA) spot rates were unchanged.

On ready counter 2,000 bales from Sindh were reported to have changed hands between Rs4,400 and Rs5,000, and 8,000 bales of Punjab quality quoted in the range of Rs4,800 to Rs5,100 per maund.

According to reports, the Cotton Corporation of India (CCI) has procured around 70,000 bales so far to support the falling cotton prices in India.

On recording higher exports, New York market remained steady where all the futures were firm.

Published in Dawn February 26th , 2015

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