KARACHI: Cotton prices on Monday remained steady amid moderate trading as spinners and some exporters chased superior quality cotton to meet their demand.

Dwindling arrivals of phutti (seed cotton) during second picking and questions about quality of lint are forcing millers and exporters to replenish their stocks from early arrivals.

A slowdown in the Trading Corporation of Pakistan’s (TCP) bale-purchasing programme is worrying ginners and growers alike, brokers said.

Reports coming from cotton fields indicate that little phutti has been left behind for picking, but still the country is likely to produce 15 million bales this season.

The Karachi Cotton Association (KCA) spot rates remained unchanged.

The following major deals were finalised on ready counter: 800 bales Hasilpur at Rs4,700, 1,000 bales Haroonabad at Rs4,700-4,800, 1,000 bales Fort Abbas at Rs4,750-4,800, 1,000 bales Yazman Mandi at Rs4,800-4,900, 1,000 bales Ahmedpur at Rs4,825, 800 bales Layyah at Rs4,850, 1,500 bales Rahimyar Khan at Rs4,900-5,000, 2,000 bales Sadiqabad at Rs4,900-5,000 and 1,000 bales Khanpur at Rs4,950-5,000.

Published in Dawn December 23th , 2014