KARACHI: Cotton trading was steady on Thursday on the back of short covering by spinners to meet their immediate needs. The underlying sentiment remained firm but outlook was uncertain.
Floor brokers said that the ginners facing an oversold position are presently in no position to enter into fresh commitments.Similarly, growers are also reluctant to dispose of their phutti (seed cotton) stocks anticipating better prices in the near future.
Cotton analyst Naseem Usman said that the world commodity markets including cotton are still under pressure and this was evident from the New York cotton market.
He added that all the future contracts on New York cotton moved lower for third consecutive session but most alarming fact is that the falls are substantial.
The Karachi Cotton Association (KCA) lowered its spot rates by Rs50 to Rs4,450 per maund.
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The following major deals were reported to have changed hands on ready counter: 1200 bales from Sanghar done at Rs4525 to Rs4550, 1000 bales Shahdadpur at Rs4550, 800 bales Tando Adam at Rs4550, 1000 bales Mirpurkhas at Rs4550, 600 bales Hyderabad at Rs4550, 1000 bales Khanewal at Rs4550, 400 bales Chichawatni at Rs4550, 400 bales Jahanian at Rs4550, 600 bales Burewala at Rs4550 to Rs4590, 400 bales Kabirwala at Rs4550 to Rs4600 and 200 bales Samundri at Rs4575.
Published in Dawn, August 28th, 2015
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