KARACHI: Steady conditions prevailed on the cotton market on Friday where buyers strived to get hold of quantity amid short supply.
Floor broker said that with hardly 125,000 bales left with ginners from 2014-15 cotton crop, the activity remained restricted.
Though the cotton season 2014-15 has closed down, phutti (seed cotton) held by farmers is still reaching ginneries in small quantities. The price of phutti is also steady.
Many millers holding larger stocks than their need and some exporters who failed to meet the shipments are now selling their cotton stocks to needy mills, broker said.
The Karachi Cotton Association (KCA) left its spot rates unchanged.
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The following deals were reported to have changed hands on ready counter: 200 bales from Sanghar done at Rs4300, 200 bales Vehari at Rs4900, 400 bales Burewala at Rs5600, 1000 bales Khanpur at Rs5600 to Rs5700 and 1000 bales Yazman Mandi at Rs5800 (conditional).
The New York cotton market reeled back on heavy selling following reports of larger cotton crop next season.
Published in Dawn, May 23rd, 2015
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