KARACHI: Falling cotton prices on Saturday attracted buying from spinners who were otherwise reluctant to enter into deals on reports that phutti (seed cotton) reaching ginneries is having higher moisture content in the wake of rains and floods.

Global factors are also having their impact on the domestic market, brokers said.

Still, a large number of ginning factories have yet to start their operations and current spell of rains have forced many to slow down their activity due to poor arrivals of phutti.

The New York cotton market partly recovered last two days’ consecutive drop as all the future contracts recorded modest gains.

The Karachi Cotton Association (KCA) reduced its spot rates in line with open market rates.

The following deals were reported on ready counter: 1000 bales from Mirpurkhas done at Rs4600 to Rs4650, 1000 bales Golarchi at Rs4625, 1000 bales Hyderabad at Rs4625 to Rs4650, 1500 bales Sanghar at Rs4625 to Rs4650, 1000 bales Tando Adam at Rs4650 to Rs4700, 1400 bales Shahdadpur at Rs4650 to Rs4700, 400 bales Mongi Bangla at Rs4850 and 400 bales Chichawatni at Rs48575.

Published in Dawn, August 2nd, 2015

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