KARACHI: Steady conditions prevailed on the cotton market on Monday. Slight improvement in phu­tti (seed cotton) arrivals into ginneries helped revive buying fr­om needy spinners as the current spell of rains subsided.

Buyers were vying for limited stocks offered for sale by the ginners.

Reports coming from cotton fields were encouraging as no damage had been caused to the crop by rains .According to estimates the spinning industry is expected to expected to intensify its buying from next month, brokers said.

The world leading cotton markets remained steady except China which came under pressure after the government released some stocks into the domestic market.

The Karachi Cotton Association (KCA) revised upwards it spot rates by Rs50 to Rs6,350 per maund.

The following deals were reported to have changed hands the on ready counter: 400 bales, Mirpurkhas, at Rs6350; 100 bales, Jhole, at Rs6350; 200 bales, Sinjoro, at Rs6,350; 600 bales, Sanghar, at Rs6,350; 400 bales, Tando Adam, at Rs6,350 to Rs6,400; 1,200 bales, Shahdadpur, at Rs6,375 to Rs6,400; 300 bales; Chichawatni, at Rs6,450 to Rs6,500; and 400 bales, Burewala, at Rs6,500.

Published in Dawn, July 25th, 2017