KARACHI: Cotton prices remained steady amid moderate trading on Wednesday as some buying interest was witnessed in Punjab variety cotton.
Floor brokers said that ginners are complaining that phutti (seed cotton) reaching their factories is slightly wet and have higher moisture contents which is damaging the quality.
Though standing crop in both the cotton-growing provinces — Sindh and Punjab — is largely safe so far, more downpour would damage the cash crop.
According to reports the Trading Corporation of Pakistan (TCP) has received poor response from spinners against their bids offer for the sale of 95,000 bales from last season.
The KCA spot rates were steady at previous level.
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The following deals were reported on ready counter: 400 bales from Hyderabad done at Rs4700, 400 bales Pak Pattan at Rs4800, 600 bales Bakhar at Rs4850 to Rs4875, 400 bales Chichawatni at Rs4875, 600 bales Burewala at Rs4900, 600 bales Arifwala at Rs4900 and 200 bales Renala Khurd at Rs4900.
On the global front the New York cotton market recouped overnight losses as all the futures finished with fresh modest gains.
Published in Dawn, July 30th, 2015
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