MULTAN: Trading rem­ai­ned subdued on the cotton market on Tuesday despite higher arrivals, and prices also failed to pick up as a result.

A cotton broker said spinners were reluctant to purchase cotton that was picked after recent rains because of its low quality.

However, he hoped prices would go up in the coming days as quality improves.

Deals of 13,500 maunds of seed cotton took place in Sahiwal, Chichawatni 9,500 maunds, Haroonabad 6,500, Burewala 9,500, Mailsi 95,000, Hasilpur 7,000, Chishtian 3,500 and Pakpattan 10,000.

The Karachi Cotton Association (KCA) revised down its spot rate by Rs150 at Rs5,900. A total of 9,600 bales changed hands across the country — 2,400 in Punjab and 7,200 in Sindh.

The following deals were finalised on the ready counter on Tuesday: 1,000 bales Tando Adam at Rs5,900-5,950; 1,600 bales Sanghar at Rs5,875-5,900; 1,200 bales Shahdadpur at Rs5,900-5,950; 1,400 bales Mirpur Khas at Rs5,875-5,900; 400 bales Khipro at Rs5,875-5,900; 600 bales Hyderabad at Rs5,900-5,950; 1,000 bales Kotri at Rs5,900-5,950; 400 bales Sahiwal at Rs5,950-6,000, 400 bales Haroonabad at Rs5,950-6,000; 400 bales, Chichawatni at Rs5,950-6,000; 600 bales, Arifwala at Rs6,000; and 600 bales Burewala at Rs5,950-6,000.

The following are Tuesday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, July 23rd , 2014