KARACHI: The week opened with renewed buying interest at the cotton market on Monday as buyers rushed back to replenish stocks at the current price levels.

Meanwhile, a report by the Pakistan Central Cotton Committee (PCCC) suggests that in 17 districts of Punjab province, cotton plants could not mature properly which resulted in lesser fruiting.

The PCCC’s survey further disclosed that since crop growth remained poor, the required fruiting and growth of cotton balls remained less than average and may result in lesser cotton production.

The news induced buying and as a result, prices slightly moved up on the ready counter, forcing the Karachi Cotton Association (KCA) to revised spot rates upward by Rs50 to Rs6,000 per maund.

The revival of buying interest also helped in boosting phutti (seed cotton) prices, with the Sindh variety being quoted between Rs2,750 to Rs2,850 per 40kg and Punjab quality firming up by Rs2,750 to Rs3,000 per 40kg.

Binola (cotton seed) and oil cake prices also rose between Rs100 to Rs200 per 40 kg on higher demand from oil expellers and whole sellers of grains markets.

The following major deals were reported to have transpired on Monday: 1,200 bales, Sanghar, at Rs5,900 to Rs5,950; 1,400 bales, Mirpurkhas, at Rs5,900 to Rs6,000; 2,000 bales, Tando Adam, at Rs5,900 to Rs5,950; 2,000 bales, Shah­da­­dpur, at Rs5,900 to Rs6,000; 1,400 bales, Nawa­b­­shah, at Rs6,100 to Rs6,125; 1,000 bales, Saleh Pat, at Rs6,100; 3,000 bales, Khair­pur, at Rs6,100 to Rs6,125; 1,000 bales, Haroon­abad, at Rs6,150 to 6,200; 1,200 bales, Burewala, at Rs6,150 to Rs6,200; 1,000 bales, Haroonabad, at Rs6,150 to Rs6,200; 600 bales, Alipur, at Rs6,175; 600 bales, Bak­har, at Rs6,150 to Rs6,200; and 600 bales, Hasilpur, at Rs6,150 to Rs6,200.

Published in Dawn, September 19th, 2017