KARACHI: Steady conditions prevailed on the cotton market on Thursday, with lint prices remaining pegged at the overnight kevel despite slow activity.

Falling stocks and shortage of quality cotton kept proceedings devoid of activity. Many small spinners looking for quality cotton were left disappointed due to the commodity being in short supply.

There is strong demand for cotton yarn in the domestic market. Many Pakistani spinners are currently attending the yarn expo – Hantex – being held in Shanghai, China from March 14-16.

Phutti (seed cotton) prices were also steady but the flow is rapidly falling as the current cotton season is fast approaching towards close.

The world leading cotton markets gave mixed trend. New York cotton closed higher for two maturing contracts and lower down for far off contracts.

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

The following deals were reported to have finalised on ready counter: 600 bales, Khanewal, at Rs7,600; 600 bales, Kot Sabzal, at Rs7,350; and 1,000 bales, Sadiqabad, at Rs7,800.

Published in Dawn, March 16th, 2018