MULTAN: Steady conditions prevailed on the cotton market on Wednesday as spinners kept covering up their positions. Floor brokers said that trading has been increased with the improvement in cotton arrivals.

They said 24 factories are functional across the country — 18 in Sindh and six in Punjab. Arrivals of phutti (seed cotton) in the market are sufficient for the needs of spinning mills, they added.

New crop prices in Sindh fell slightly. The price of phutti in Thatta was Rs2,475, Chori Rs2,475, Badin Rs2,450, Umerkot Rs2,400, Kund Rs2,375, Tando Allah Yar Rs2,450 and Mirpur Khas at Rs2,400.

The Karachi Cotton Association (KCA) cut its spot rates by Rs100 at Rs5,150.

The following major deals were finalised on ready counter: 400 bales from Kotri at Rs4950/5000; 200 bales Mityari at Rs4950; 10000 bales Sanghar at Rs4950/5000; 400 bales Tando Adam at Rs5000; 200 bales Hall at Rs5000; 200 bales Mirpur Khas at Rs5000; 200 bale Burewala at Rs5220; 400 bales Shahdadpur at Rs5025; 200 bales of old stock Rahim Yar Khan at Rs5200; 200 bales (old stock) Buchri at Rs5,80 and 200 bales (old stock) Jhang at Rs4600.

Published in Dawn, July 2nd, 2015

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