KARACHI: Sustained buying from leading spinners helped cotton prices inch up on Wednesday.

Higher arrival of phutti (seed cotton) resulted in smooth flow of quality cotton and attracted buyers.

Much of the trading activity remained centered around Punjab variety which is now available in larger quantity due to higher flow of phutti. However, Sindh quality cotton remained in slow demand.

The new spell of rains in Sindh has raised concerns over the quality of phutti and cotton.

Ginners are also complaining about the shortage of availability of vehicles for the haulage of phutti and cotton.

The world’s cotton markets remained steady and no adverse reports were sent out.

As some of the deals on ready counter transpired at higher rates, the Karachi Cotton Association (KCA) also raised spot rates by Rs50 to Rs6,050 per maund.

The following deals were reported on Wednesday: 1,000 bales, Hyderabad, at Rs6,075 to Rs6,100; 1,000 bales, Tando Adam, at Rs6,090 to Rs6,100; 1,000 bales, Shahdadpur, at Rs6,100; 1,000 bales, Sanghar, at Rs6,100; 1,000 bales, Chichawatni, at Rs6,200 to Rs6,275; 600 bales, Haroonabad, at Rs6,250; 600 bales, Pir Mehal, at Rs6,250; 600 bales, Khanewal, at Rs6,250; 400 bales, Mailsi, at Rs6,275; 400 bales, Kabirwala, at Rs6,300; 400 bales, Vehari, at Rs6,250; and 400 bales, Gojra, at Rs6250.

Published in Dawn, August 24th, 2017