KARACHI: The cotton market on Saturday remained steady amid lack of buying. Floor brokers said rising geopolitical tension world over and ongoing recession is keeping the textile industry in sever financial crisis.

Whereas some big spinning groups continue to import cotton, the domestic commodity is currently faced with quality issue. Moreover, the short crop is another cause of concern for spinners, brokers added.

The flow of phutti (seed cotton) from fields is slowing down with each passing day, they added.

The Karachi Cotton Association (KCA) has kept is spot rates unchanged at previous level. The New York cotton market stood steady where all the future contracts mover higher.

Major deals on the ready counter were: 600 bales from Shahdadpur done at Rs4900 to Rs4950, 600 bales Vindar at Rs5225 to Rs5300, 1000 bales Khairpur at Rs5350 to Rs5400, 800 bales Saleh Pat at Rs5450 to Rs5475, 400 bales Ghotki at Rs5600, 200 bales Dharanwala at Rs5300, 800 bales Yazman Mandi at Rs5400, 600 bales Faqirwali at Rs5425, 1000 bales Mianwali at Rs5500 to Rs550, 400 bales Khanewal at Rs5575, 600 bales Tonsa Sharif at Rs500 and 600 bales Rahimyar Khan at Rs5600.

Published in Dawn, November 29th, 2015