KARACHI: Steady conditions prevailed on the cotton market on Saturday as buying orders kept flowing intermittently at a lower level, indicating that only needy spinners were active in the trading ring.

While the flow of phutti (seed cotton) arrival remains slow, improvement in weather led to the heat wave subsiding both in Sindh and Punjab.

However, it was encouraging to note that there was sustained buying from spinners who eagerly replenished their stocks to meet near future needs.

Brokers opined that trading activity would gain momentum after Ashura holidays.

Moreover, phutti arrival is also expected to rise in Punjab within the next 15 days as picking in many districts of the province would start simultaneously. This may also bring cotton prices under pressure.

Cotton trade stakeholders demanded of the government to activate the Pakistan Cotton Standard Institute (PCSI) so that contamination-free quality could be ensured.

This will not only help improve yarn quality but will also be instrumental in fetching better price for cotton, stakeholders added.

Meanwhile, world leading cotton markets gave mixed trend as Indian and Chinese markets closed easy but New York cotton closed steady.

The Karachi Cotton Association (KCA) spot rates were unchanged and remained pegged at overnight level.

The following major deals were reported on Satur­­day: 800 bales, Sanghar, at Rs5,900 to Rs6,000; 2,000 bales, Shahdadpur, at Rs6,000; 1,600 bales, Nawa­bshah, at Rs6,125 to Rs6,150; 1,000 bales, Saleh Pat, at Rs6,175 to Rs6,200; 4,000 bales, Khairpur, at Rs6,175 to Rs6,200; 1,000 bales, Rohri, at Rs6,175 to Rs6,200; 1,200 bales, Haroon­­abad, at Rs6,150 to Rs6,220; 1,000 bales, Rajanpur, at Rs6,300; 600 bales, Khanewal, at Rs6,300; 2,000 bales, Fazil­pur, at Rs6,300; 600 bales, Burewala, at Rs6,250; 400 bales, Vehari, at Rs6,250; 400 bales, Chishtian, at Rs6,275; and 400 bales, Bahawalpur, at Rs6,250.

Published in Dawn, September 24th, 2017