KARACHI: Trading on the cotton market turned listless on Tuesday in line with the international lint markets after the US Department of Agriculture (USDA) placed world cotton production at 7 per cent higher over the last year.

While local cotton traders and consumers are looking for the latest local cotton production figures which are due in a day or two, the leading world cotton markets came under pressure after the USDA cotton production report.

Although the New York cotton market remained closed on account of public holiday but Indian and Chinese markets were reported to have come under pressure and closed easy.

However, it was interesting to note that phutti (seed cotton) prices remained firm at higher rates ranging between Rs2,800-3,500 per 40kg. Contrary to this, cotton prices witnessed slight correction amid slow trading.

The Karachi Cotton Association (KCA) spot rates were steady at overnight level.

The following deals were reported to have changed hands on ready counter: 600 bales, Faqeerwali, at Rs6,850; 400 bales, Bahawalnagar, at Rs6,700; and 600 bales, Hasilpur, at Rs6,850.

Published in Dawn, January 17th, 2018