KARACHI: Cotton trading was brisk on Wednesday as spinners covered up their positions amid falling lint prices. However, undertone remained easy and uncertain.

Floor brokers said that cotton prices remained under pressure in sympathy with global trend and slow off-take of yarn. As phutti (seed cotton) arrivals are gaining momentum the prices tended to came under pressure.

The Cotton Assessment Committee has downward revised cotton production by 10 per cent to 13.59 million bales form earlier estimates of 15.49m bales. The short crop is due to recent heavy rain and flood which damaged the standing cotton crop.

Phutti prices were being quoted at around Rs2250 to Rs2350 per 40kg in Sindh and Rs2100 to Rs2300 in Punjab.

All the future contracts on the New York cotton market closed with fresh losses but Karachi Cotton Association (KCA) did not change its spot rates.

The following major deals were reported to have changed hands on ready counter: 1400 bales from Mirpurkhas done at Rs4550 to Rs4575, 1200 bales Sanghar at Rs4550 to Rs4600, 1600 bales Shahdadpur at Rs4550 to Rs4600, 2000 bales Tando Adam at Rs4600 to Rs4650, 600 bales Chichawatni at Rs4550 to Rs4600, 800 bales Khanewal at Rs4550 to Rs4600, 400 bales Mongi Bangla at Rs4575 to Rs4600, 600 bales Hasilpur at Rs4575 to Rs4600, 400 bales Pak Pattan at Rs4575 to Rs4600, 800 bales Burewla at Rs4575 to Rs4600. And 400 bales Mian Channu at Rs4625.

Published in Dawn, September 3rd, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play