KARACHI: Buyers kept chasing quality lint on the cotton market on Friday which helped prices to keep modest upward trend. However, the underlying sentiment was steady and outlook uncertain.

Strong demand for quality lint from spinners helped prices move beyond Rs5,000 mark. There was some demand for second grade cotton, too, but it was restricted in quantity, brokers said.

Market reports suggested that due to heavy fog phutti arrivals as well as deliveries of cotton have slowed down considerably.

As a result, some buying for quality lint emerged at closing stages of the session.

However, overall trading volume remained slow because of year-end closing of accounts of textile industry and ginners.

World cotton markets remained easy where New York cotton closed lower for all the future contracts.

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

The following major deals were finalised on ready counter: 2,000 bales Khairpur at Rs4,700, 1,000 bales Hasilpur at Rs4,700-4,775, 6,00 bales Ahmedpur at Rs4,850, 600 bales Ghazi Ghat at Rs4,825, 600 bales Noorpur at Rs4,875, 800 bales Layyah at Rs4,900, 3,000 bales Yazman Mandi at Rs4,900-5,000, 1,000 bales Sadiqabad at Rs5,000-5,100, 1,000 bales Rahimyar Khan at Rs5,000-5,100, 1,000 bales Dera Ghazi Khan at Rs5,100, 3,000 bales Khanpur at Rs5,100 and 1,000 bales Alipur at R5,100.

Published in Dawn, December 27th, 2014