KARACHI: Cotton market remained steady on Friday as quality lint buying once again intensified.

Though phutti (seed-cotton) arrivals remained high, reports of quality constraints due to hot weather kept spinners active in replenishing their stocks.

Though the crop size being estimated is larger than last year’s production, but damage to standing crop caused by recent monsoon rains in Sindh and currently heatwave in Punjab is a source of concern.

According to market sources, in coming weeks acute shortage of quality cotton is likely. Increase in trading volume also helped prices to stay stable at higher level. Moreover, improved demand for yarn and fabric also induced sentiment.

Internationally, Chinese cotton came under pressure but New York cotton gave mixed trend. Markets in India remained closed on account of Diwali.

The Karachi Cotton Association (KCA) kept its spot rates steady.

The following major deals were reported to have changed hands on the ready counter: 1,000 bales, Khairpur, at Rs6,175; 1,600 bales, Rohri, at Rs6,200 to Rs6,250; 2,000 bales, Saleh Pat, at Rs6,200 to Rs6,300; 1,000 bales, Ghotki, at Rs6,300; 3,200 bales, Rahimyar Khan, at Rs6,300; 1,200 bales, Ali­pur, at Rs6,225 to Rs6,300; 1,000 bales, Fazalpur, at Rs6,300; 1,000 bales, Khanpur Mehar, at Rs6,300; 600 bales, Rajanpur, at Rs6,300; 400 bales, Moha­mmadpur Diwan, at Rs6,285 to Rs6,300; 1,400 bales, Bahawalpur, at Rs6,200; 1,400 bales, Ahmedpur, at Rs6,150 to Rs6,200; 1,200 bales, Chichawatni, at Rs6,125 to Rs6,165; 1,000 bales, Layyah, at Rs6,100 to Rs6,200; and 800 bales, Mianwali, at Rs6,150 to Rs6,250.

Published in Dawn, October 21st, 2017