KARACHI: Revival of buying interest at lower level helped cotton prices post modest gains, though phutti (seed cotton) prices came under pressure.

Floor brokers said sudden surge in demand helped prices rise for a short period.

However, the Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs4,650 per maund.

Reports coming from cotton fields indicate crop has been largely unaffected so far by heavy rains and floods. But there are fears that more downpour might be damaging.

Brokers said phutti prices came under pressure and finished lower, in the range of Rs1,800 to Rs2,300 per 40kg for both Sindh and Punjab varieties.

The following deals were reported on ready counter: 200 bales from Sanghar done at Rs4700, 400 bales Shahdadpur at Rs4700, 400 bales Hyderbad at Rs4700, 400 bales Sahiwal at Rs4850, 200 bales Samundary at Rs4850, 200 bales Gojra at Rs4875, 200 bales Shoor Kot at Rs4900, 400 bales Pak Pattan at Rs4900, 400 bales Chichawatni at Rs4900 and 300 bales Burewala at Rs5000.

On world front, the New York cotton market closed easy for all the future contracts.

Published in Dawn, July 29th, 2015

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