KARACHI: Cotton prices were stable on Thursday at overnight level amid moderate business activity, but the underlying sentiment and outlook for the near future is still uncertain.

Reports confirming that the Trading Corporation of Pakistan (TCP) has started lifting contracted cotton bales from ginners at officially fixed high price failed to induce sentiment.

Phutti (seed cotton) prices, however, could not increase, and only a rise of Rs25-50 per 40kg was recorded for quality premium.

Floor brokers said both internal and global factors were depressing cotton prices.

The New York cotton market for second straight session recovered where all the future contracts recorded fresh gains.

The Karachi Cotton Association (KCA) spot rates were steady at previous level.

The following major deals were finalised on ready counter: 1,200 bales Khairpur at Rs4,675, 1,400 bales upper Sindh at Rs4,850 to Rs4,975, 1,400 bales Haroonabad at Rs4,900 to Rs4,960, 2,000 bales Bahawalpur at Rs4,950 to Rs5,000, 4,000 bales Ahmedpur at Rs4,975 to Rs5,000, 1,000 bales Alipur at Rs5,000, 2,000 bales Liaquatpur at Rs5,000 to Rs5,050, 1,200 bales Sadiqabad at Rs5,050, 600 bales Mianwali at Rs5,075 to Rs5,100, and 400 bales Mian Channu at Rs4,900.

The following are Thursday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, November 28th, 2014