KARACHI: Cotton trading was brisk on Tuesday as spinners remained in the forefront of buying spree to replenish their stocks at current prices.

Floor brokers said that higher arrivals of quality phutti (seed cotton) from Punjab continue to attract buying from spinners. However, prices below Rs6,500 per maund (around 37 kilograms) were the main attraction, they added.

The spinning industry, faced with a lot of issues including high cost of doing business and fear of shortage of cotton this season due to short crop, was compelled to purchase and build up cotton stocks, brokers maintained.

Though the world cotton markets, including that of New York, moved higher, the domestic market remained firm and steady.

According to reports so far, the cotton crop is healthy and no serious issue is confronting the standing cotton plants. Recent rains in Punjab have washed off white fly and higher yield is likely to somewhat fill the gap of lower sowing area this season.

The Karachi Cotton Association left its spot rate unchanged. Major deals on the ready counter were: 1,000 bales from Sanghar (Rs6,000 to Rs6,050), 1,800 bales Shahdadpur (Rs6,050 to Rs6,100), 1,400 bales Tando Adam (Rs6,060 to Rs6,100), 1,600 bales Nawabshah (Rs6,150 to Rs6,200), 2,600 bales Khair­pur (Rs6,250 to Rs6,300), 1,000 bales Faqirwala (Rs6,250), 1,400 bales Ve­­hari (Rs6,250 to Rs6,300), 1,600 bales Mianwali (Rs6,250 to Rs6,300), 1,000 bales Kassowal (Rs6,250 to Rs6,300), 1,000 bales Chis­h­tian (Rs6,300), 1,400 bales Haroonabad (Rs6,300), 1,400 bales Burewala (Rs6,300) and 1,000 bales Gojra (Rs6,300).

Published in Dawn September 28th, 2016