KARACHI: Cotton prices slightly moved higher on Thursday on renewed buying interest from some spinners. The fear of short crop coupled with concern over the quality of cotton induced some buying from needy mills.

Floor brokers said reports from cotton fields in Punjab strongly indicate that very little unpicked phutti (seed cotton) has been left behind in fields, and third and last picking has already started.

The quality of unpicked phutti is also not good as the current season crop was badly damaged by monsoon rains and floods.

Despite the fact that the crop is short, spinners are more concerned over the quality for the remaining crop. Steady buying from some needy spinners and selected transactions in quality cotton resulted in moderate trading.

However, towards closing stages prices slightly moved higher, brokers said.

The Karachi Cotton Association (KCA) left its spot rates unchanged. The New York cotton market moved higher for second session in a row with all the future contracts closing with substantial gains.

Major deals on ready counter were: 1000 bales from Khairpur done at Rs5350 to Rs5400, 1000 bales Saleh Pat at Rs5450 to Rs 5475, 600 bales Faqirwali at Rs5350, 1000 bales Haroonabad at Rs5350 to Rs5400, 1400 bales Yazman Mandi at Rs5400 to 5450, 1000 bales Ahmedpur at Rs5450, 1000 bales Rahimyar Khan at Rs5600 and 1000 bales Mianwali at Rs5600 to Rs5750.

Published in Dawn, November 27th, 2015