KARACHI: Cotton prices on Thursday remained under pressure in sympathy with world markets. There was lack of buying interest from spinners and exporters.

However, some needy spinners moved into the trading ring which resulted in moderate trading activity towards closing bells. The phutti (seed-cotton) prices also moved lower for both Sindh and Punjab varieties.

On the global front, the New York Cotton Exchange initially recorded gains but finished easy one cent per lb.

Brokers said that many spinners preferred to stay to the sidelines in the hope prices would decline further.

As a result the downward trend continued for the third consecutive session and the Karachi Cotton Association further lowered its spot rates by Rs100 to Rs6,500 per maund. According to market sources the phutti is being quoted at Rs3,250 per 40kg for Sindh quality and Rs3,000 to Rs3,300 for Punjab variety. In general the market remained under pressure, brokers said.

Major deals on the ready counter: 1,600 bales, Mirpurkhas, at Rs6,650 to Rs6,700, 2,000 bales, Tando Adam, at Rs6,650 to Rs6,700, 2,000 bales, Shahdadpur, at Rs6,650 to Rs6,700, 2,400 bales, Sanghar, at Rs6,650 to Rs6,700, 800 bales, Hyderabad, at Rs6,650 to Rs6,700 and 400 bales, Chichawatani, at Rs6,800 to Rs6,900.

Published in Dawn, July 23rd, 2016