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KARACHI: Trading was steady on the cotton market on Friday as buyers kept looking for quality lint which is running in short supply.
The underlying sentiment was firm but outlook remained uncertain, brokers said.
The rise in spot rates by the Karachi Cotton Association (KCA) and some revival in the world cotton markets also helped improve lint prices.
Consequently, most deals on ready counter were finalised on higher rates and close to Rs5,000 mark. But this was only restricted to quality lint which is fast running short.
The latest PCGA phutti (seed cotton) arrival figures that 14.5 million bales have bene harvested so far is a strong indicator that the country would be producing around 15 million bales this season (2014-15).
The New York cotton moved higher for second straight session where all the future contracts ended with modest gains.
The Karachi Cotton Association (KCA) spot rates were revised higher by Rs50, to Rs4,750 per maund.
The following deals were made on ready counter: 400 bales Karror Pakka at Rs4,600, 1,000 bales Khanewal at Rs4,625, 1,000 bales Bahawalpur at Rs4,800, 1,000 bales Haroonabad at Rs4,800, 400 bales Hasilpur at Rs4,825, 600 bales Mianwali at Rs4,900, 1,000 bales Sadiqabad at Rs5,000, 1,600 bales Rahimyar Khan at Rs5,000 and 3,000 bales Khanpur at Rs5,000.
The following are Friday’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, December 20th, 2014
