KARACHI: The cotton market on Monday came under pressure towards closing stages on reports of higher arrivals of phutti (seed cotton) from Sindh.

However, much of the trading on ready counter was quoted at higher prices as weekend upward drive prevailed for larger part of the trading session, brokers said.

The market strongly rejected a proposal given by National Assembly’s standing committee of imposing 10 per cent duty on exports of cotton and grey fabric as it would further damage growers’ interest.

Phutti prices were Rs2,300 to Rs2,400 per 40kg in Sindh and Rs2,200 to Rs2,300 in Punjab. The Karachi Cotton Association (KCA) spot rates remained firm at weekend prices.

Major deals finalised on ready counter were: 3000 bales from Sanghar done at Rs4600-4685, 2000 bales Mirpurkhas at Rs4625-4650, 1400 bales Hyderabad at Rs4650-4675, 2600 bales Shahdadpur at Rs4625-4690, and 2000 bales Tando Adam at Rs4650-4675.

Published in Dawn, September 1st, 2015

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