KARACHI: The cotton market remained under pressure and suffered fresh losses for the third consecutive session on Saturday.

The spinners also slowed down their activity though some of their needy links remained active to replenish their stocks.

Floor brokers said that continued downward trend on the world front and slower yarn demand from China were major market depressants. Recent reports of the US Agriculture Department indicate that short supply of cotton against high demand this season triggered some panic buying the world over and pushed prices to record level, but the current downtrend was unexpected, brokers said.

As lint prices moved lower the phutti (seed-cotton) also came down with Sindh variety being quoted between Rs3,000 to Rs3,200 and Punjab quality in the range of Rs3,000 to Rs3,250 per 40kg. The KCA lowered its spot rates by Rs100 to Rs6,400 per maund.

Major deals on the ready counter were: 1,400 bales, Hyderabad, at Rs6,550 to Rs6,675, 2,400 bales, Shah­da­dpur, at Rs6,550 to Rs6,700, 2,000 bales, Mir­pu­rkhas, at Rs6,600 to Rs6,650, 3,600 bales, Tando Adam, at Rs6,600 to Rs6,700, 3,000 bales from Sanghar, at Rs6,600 to Rs6,700, 1,600 bales, Kotri, at Rs6,600 to Rs6,700 and 200 bales, Samundri, at Rs6,800.

Published in Dawn, July 24th, 2016