MULTAN: The cotton market was steady on Wednesday as both spinners and ginners remained cautious amid short supply.

Cotton experts said that market was not gaining momentum due to the absence of major textile players from the market and fewer arrivals of phutti (seed cotton) in the market.

They said the situation would become clear after any major group entered the market. At present, medium and small mills are active in the market, but they are making cautious deals.

Moderate trading activity was expected in a few days as the mills that will remain open during Eidul Fitr will make deals to fill their stock for holidays, they said.

The arrival of cotton has further decreased due to rains in cotton areas. Cotton picking, which started at small level in Punjab, has been completely stopped due to rains.

On Wednesday, the price of phutti was Rs3,300 in Badin, Rs3,350 in Degree, Rs3,275 in Umerkot, Rs3,300 in Dharo and Rs3,325 in Tando Ghulam Muhammad. Major deals on the ready counter were: 200 bales from Rahim Yar Khan at Rs6,900 per maund (around 37 kilograms), 200 bales from Shahdadpur at Rs6,550, 200 bales from Mirpur Khas at Rs6,525 and 200 bales from Tando Adam at Rs6,600.

Published in Dawn, June 22nd, 2017