KARACHI: Steady conditions prevailed on the cotton market for most part of the day on Monday, however towards closing stages prices came under pressure on reports of higher phutti (seed cotton) arrival.

Initially trading was slow but as the day progressed brisk buying was witnessed from leading spinners and some exporters. According to reports many spinners have also slashed yarn prices by Rs5 per kg.

With higher arrival of phutti, trading activity on the cotton market is also gaining momentum. However, there are signs that cotton prices would further come under pressure as phutti arrival increases.

Spinners are cautious due to quality constraints, particularly for Sindh variety cotton which has been damaged by recent monsoon rains. Most of the affected cotton growing areas are in district Badin and other parts of lower Sindh.

Brokers said demand for cotton is rising. Conse­quently, much of the buying remained around quality cotton for which spinners readily paid premium.

World leading cotton markets were steady amid sustained demand and no major developments took place.

The Karachi Cotton Asso­ciation (KCA) spot rates were unchanged at weekend level.

The following major deals were reported to have changed hands on ready counter: 2,000 bales, Rohri, at Rs6,150 to Rs6,200; 5,000 bales, Khairpur, at Rs6,125 to Rs6,175; 1,000 bales, Ghotki, at Rs6,200 to Rs6,250; 1,000 bales, Dah­arki, at Rs6,200 to Rs6,250; 1,000 bales, Shahdadpur, at Rs5,450 to Rs5,850; 2,000 bales, Sanghar, at Rs5,450 to Rs6,800; 1,200 bales, Dera Ghazi Khan, at Rs6,200; 1,800 bales, Rajanpur, at Rs6,200; 1,800 bales, Bure­wala, at Rs6,125 to Rs6,150; 1,800 bales, Mianwali, at Rs6,100 to Rs6,125; 2,000 bales, Rahimyar Khan, at Rs6,200 to Rs6,250; 400 bales, Muhammadpur De­­wan, at Rs6,200; and 600 bales, Noorpur Nauranga, at Rs6,200.

Published in Dawn, October 17th, 2017