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

Tax tussles
Updated 21 Jun, 2025

Tax tussles

Lawmakers should try and fix the broken tax system rather than advocating for new amnesties.
Seniority crisis
21 Jun, 2025

Seniority crisis

THE Constitutional Bench of the Supreme Court has determined that there is nothing wrong with Pakistan’s president...
Monsoon readiness
21 Jun, 2025

Monsoon readiness

OUR cities are once again staring down the very real prospect of waterlogged streets and stalled life with PMD’s...
Power lunch
Updated 20 Jun, 2025

Power lunch

However things develop in the Israel-Iran war, Pakistan must maintain its position, and stand by its neighbouring state.
Refuge denied
20 Jun, 2025

Refuge denied

ON World Refugee Day, it is essential we confront the scale of human displacement, which has now reached...
Income tax rate
20 Jun, 2025

Income tax rate

FINALLY, some clarity. After the confusion created over the applicable rate on the lowest income tax bracket due to...