KARACHI: Trading was slow on the cotton market on Thursday as leading spinners and exporters withdrew to the sidelines. Prices, however, remained steady.

Floor brokers said the textile industry seems satisfied with larger crop size this season. Global cotton prices have been under pressure for the last two days, but are still higher. Consequently, the textile industry is keen to keep their domestic source of cotton supply fully alive to meet their demand.

However, the issue of quality lint shortage continues to disturb many spinners who have to meet export commitments of cotton yarn. Most deals on the ready counter were made at overnight price level, brokers added.

The New York cotton for second consecutive session closed easy where all the future contracts finished with modest declines. The Karachi Cotton Association’s (KCA) spot rates remained unchanged.

Deals finalised on ready counter were: 400 bales Chichawatni at Rs4,850, 400 bales Dhar­anwala at Rs4,900, 600 bales Haroonabad at Rs5,000, 400 bales Khanewal at Rs5,100, 400 bales Bahawalpur at Rs5,150, 500 bales Shair Sultan at Rs5,200, 1,000 bales Sadiqabad at Rs5,200, 1,000 bales Rahimyar Khan at Rs5,200 and 1,000 bales Khanpur at Rs5,200.

The following are Thursday’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, March 6th, 2015

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