KARACHI: Cotton prices remained steady on Monday amid selective buying from spinners.

As the current season is drawing to a close, the textile industry as well other stakeholders are focusing on next crop. There were reports that a very small deal of new cotton crop from lower Sindh was made on Monday.

Reports coming from cotton fields are quite encouraging for the next crop. But it would be too early to forecast any production figures particularly when there are reports of acute water shortage in some cotton-growing areas of Punjab.

The trading was highlighted by a big deal finalised on the ready counter where trading remained slow and inactive. However, prices remained steady at weekend level.

The world leading cotton markets, however, remained easy under the lead of New York cotton. The Chinese and Indian markets were also slow and easy.

The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 600 bales from Halani at Rs7,000, 3,931 bales from Rahimyar Khan at Rs6,850 and 200 bales from Khanewal at Rs6,775.

Published in Dawn, May 23rd, 2017