KARACHI: Trading was slow on the cotton market on Friday as falling cotton stocks and higher rates being sought by ginners kept spinners away from the proceedings.
Floor brokers said that some phutti (seed cotton) is still reaching ginneries from cotton fields despite the fact that current season (2014-15) has officially closed down.
Late harvesting of wheat in many parts of Punjab is also feared to further delay sowing of cotton, hence the arrival of next crop, the said.
The Karachi Cotton Association (KCA) reduced its spot rates by Rs50 to Rs5,350 per maund.
Little activity was noted on ready counter where prices generally remained steady.
Deals were reported from the following cities: Bahawalpur at Rs5450 to Rs5500, Lodhran at Rs5200, Mirpurkhas at Rs5440 to Rs5452 and Sanghar between Rs4475 to Rs5000.
The global cotton markets gave mixed trend where New York market remained under pressure while Indian market was firm.
Published in Dawn, May 9th, 2015
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