KARACHI: Trading activity slowed down on the cotton market on Thursday as ginners were not ready to lower prices and spinners showed reluctance in buying the commodity at a higher rate.

Though there was strong demand for quality cotton, ginners refused to lower prices which restricted trading activity. Growers were also keeping phutti (seed cotton) on higher side.

Market sources said growers – who have already sold almost half of their cotton crop in a short period of two months – feel financially strong and are not in a hurry to dispose of the remaining crop.

Barring few needy spinners who booked stocks to meet their near future consumption, trading activity remained slow. However, the textile industry has become extra cautious about quality as there are of lower quality stocks being mixed with normal or good quality lint.

The world leading cotton markets also remained mixed though Chinese and New York cotton markets close slightly lower.

The following major deals were reported to have transpired on ready counter on Thursday: 1,200 bales, Shahdadpur, at Rs6,150; 800 bales, Rohri, at Rs6,150; 1,000 bales, Haroonabad, at Rs6,050 to Rs6,100; 1,000 bales, Chishtian, at Rs6,050 to Rs6,100; 800 bales, Faqirwala, at Rs6,050 to Rs6,100; 800 bales, Chichawatni, at Rs6,100 to Rs6,150; 1,000 bales, Fort Abbas, at Rs6,150 to Rs6,200; 3,000 bales, Sadiqabad, at Rs6,300; 600 bales, Rajanpur, at Rs6,250; and 200 bales, Mohammadpur Diwan, at Rs6,300.

Published in Dawn, October 20th, 2017