KARACHI: Trading was lacklustre on the cotton market on Monday because of slow movement of phutti (seed cotton) and cotton from fields and ginneries. However, sentiment remained firm and outlook uncertain.

Floor brokers said that some late evening transactions were reported after official trading hours in an otherwise market listless trading.

The fear of short crop, however, continues to worry spinners who have already placed substantial orders for import. But the industry mostly depends on domestic cotton because import of cotton needs huge funds, brokers said.

According to market sources, phutti prices moved higher at Rs2,400 to Rs2,800 per 40kg in Sindh and Rs2,600 to Rs3,100 in Punjab.

The Karachi Cotton Association (KCA) spot rates remained firm at previous level.

Major deals on ready counter were: 1,200 bales from Khanepur done at Rs5,550, 1,200 bales Nawabshah at Rs5,400 and 400 bales Daur at Rs5,400. Market sources said more were under finalization stages but were not official reported for confirmation.

Published in Dawn, October 27th, 2015

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