KARACHI: Steady conditions prevailed on the cotton market on Saturday as sellers refused to dispose of their stocks at current prices. The undertone remained steady and firm.

Floor brokers said that dwindling stocks with ginners and sustained demand from spinners are keeping prices.

Market analysts believed that the next cotton crop will also witness higher price due to higher input made by growers and expected strong demand.

The KCA spot rates were firm at previous level.

On ready counter, most of the deals were finalised at higher price: 500 bales from Kot Ghulam Muhammad done at Rs4500, 600 bales Shahdadpur at Rs4500, 600 bales Tandoadam at Rs4700, 600 bales Qaboola at Rs5450 to Rs5700 and 200 bales Chichawatni at Rs5700.

The New York Cotton market moved lower for second straight session and all the future contracts closed with fresh losses barring far-off May 2016 contract which recorded modest gain.

Published in Dawn, May 24th, 2015

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