KARACHI, July 18: Prices came under pressure on the cotton market on Wednesday owing to higher phutti arrivals into ginneries despite active buying.
As a result phutti prices in Punjab and Sindh dropped to Rs2,750 and Rs2,550 per 40 kg, respectively. Similarly, the Karachi Cotton Association (KCA) also revised down its spot rates by Rs100 to Rs6,000 per maund.
However, spinners remained in the forefront of buying spree and booked quality lots.
Reports coming from cotton fields indicate that there is no disruption in phutti arrivals despite rain in the cotton growing belt.
With more ginning factories have resumed operations, around 70 units in Punjab and 25 in Sindh, the daily processing of cotton have almost reached to 10,000 bales.
The following notable deals were reported to have changed hands on the ready counter on Wednesday: 800 bales, Shahdadpur at Rs6,000 to Rs6,100, 1,000 bales, Sanghar at Rs6,000 to Rs6,100, 1,000 bales Tando Adam at Rs6,000 to Rs6,100, 200 bales, Multan at Rs6,400, 200 bales, Hasilpur at Rs6,400, 1,800 bales, Burewala at Rs6,250 to Rs6,400, 200 bales, Kassowal at Rs6,310, 200 bales, Pir Mahal at Rs6,300, 200 bales, Khanewal at Rs6,300, 200 bales, Bahawalpur at Rs6,300, 400 bales, Chichawatni at Rs6,250 to Rs6,265 and 400 bales, Haroonabad at Rs6,250.