KARACHI: Steady flow of buying orders from spinners helped the cotton market on Friday to maintain overnight prices. However, underlying sentiment was easy and outlook uncertain.

Floor brokers said the issue of Indian cotton imports amid undeclared ban caused a lot of resentment among spinners who are confused at the moment.

Brokers said that those who have already imported small quantities of cotton from India are currently faced with a situation where they will have to pay freight cost on imported cotton for despatching it back to the country of origin.

On the other hand, those who were unable to book any cotton from India are faced with a shortage and fearing that they will now have to pay more for cotton from other countries.

Brokers said the government has so far not officially imposed a ban on Indian cotton, but used other tools to discourage its imports.

The Karachi Cotton Association left its spot rates unchanged.

Major deals on the ready counter were: 1,000 bales from Khairpur (Rs6,200 to Rs6,225), 1,000 bales Saleh Pat (Rs6,300 to Rs6,350), 1,000 bales Rohri (Rs6,300 to Rs6,350), 4,600 bales Mianwali (Rs6,000 to Rs6,100), 1,200 bales Haroonabad (Rs6,300 to Rs6,325), 800 bales Bahawalpur (Rs6,600), 600 bales Noorpur (Rs6,600), 800 bales Rahimyar Khan (Rs6,500) and 600 bales Sadiqabad (Rs6,550).

Published in Dawn December 10th, 2016