KARACHI: Lint prices moved lower amid mounting selling pressure on Saturday.
Higher phutti (seed-cotton) arrivals and falling world prices kept influencing the trading on the cotton market.
According to market sources many ginners, having oversold position, are keen to bring down phutti prices in order to reap big profits. The overnight downward trend helped to pull down phutti prices in the range of Rs100 to Rs200 per 40 kilogram.
Larger cotton production as estimated by the US Department of Agriculture coupled with reports that China has entered the world market and sold from its stock built pressure on cotton prices.
However, in India prices rose on reports that substantial damage had been caused by recent heavy rains to the crop in Gujarat.
Prices of both Sindh and Punjab varieties came down between Rs200 to Rs350 per maund. Phutti prices also declined by Rs100 to Rs200 per 40kg.
The Karachi Cotton Association (KCA) revised down it spot rates by Rs100 per maund.
The following major deals were reported to have finalised on the ready counter: 1,600 bales, Kotri, at Rs6,200 to Rs6,300; 2,200 bales, Hyderabad, at Rs6,200 to Rs6,300; 2,000 bales, Sanghar, at Rs6,200 to Rs6,300; 2,200 bales, Mirpurkhas, at Rs6,200 to Rs6,350; 2,600 bales, Shahdadpur, at Rs6,200 to Rs6,350; 2,000 bales, Tando Adam, at Rs6,250 to Rs6,350; 400 bales, Rajanpur, at Rs6,400; 400 bales, Burewala, at Rs6,400 to Rs6,500; and 200 bales, Mian Chano, at Rs6,500.
Published in Dawn, August 13th, 2017