KARACHI: The cotton market was steady on Satur­day as buyers faced with shortage covered up their position with quality lint.

Floor brokers said higher cotton export figures for the outgoing week released by the US Department of Agriculture induced buying from leading spinners.

As the current cotton season is drawing to a close, the flow of phutti (seed cotton) from cotton fields into ginneries has slowed down. Consequently, millers are faced with a problem of getting quality lint, brokers added.

Therefore, sustained buying from spinners for quality lint helped prices to stay firm amid fairly active buying.

The New York cotton came under mild selling pressure to record correction from a weeklong rising trend. As a result, all the futures closed with modest losses.

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

Major deals finalised on ready counter were: 800 bales Haroonabad done at Rs4,700 to Rs4,850, 600 bales Jalalpur done at Rs4,850, 800 bales Fazilpur done at Rs5,000 to Rs5,050, 1,000 bales Ahmedpur done at Rs5,000 to Rs5,050, 2,500 bales Bahawalpur done at Rs5,100, 1,000 bales Sadiqabad done at Rs5,100, 2,000 bales Rahimyar Khan done at Rs5,100 and 400 bales Mohammadpur Dewan done at Rs5,100.

Published in Dawn, February 8th, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play

Opinion

Editorial

On desertions
Updated 28 May, 2023

On desertions

Clearly, the temptation to relapse into old habits was too difficult to resist.
Unethical disclosure
28 May, 2023

Unethical disclosure

IN its glee over the travails of its nemesis, the PTI, at the hands of the establishment, the government has sunk to...
India’s bloodlust
28 May, 2023

India’s bloodlust

THE Indian establishment seems determined to send veteran Kashmiri leader Yasin Malik to the gallows. The Jammu...
Election uncertainty
Updated 27 May, 2023

Election uncertainty

All political actors must call a ceasefire and agree to hold polls on time.
Poorer nation
Updated 27 May, 2023

Poorer nation

The citizenry has been left decidedly poorer by this government’s mismanagement.
Subdued Games
27 May, 2023

Subdued Games

THE National Games are supposed to be a quadrennial celebration of Pakistan’s top athletes who showcase their...