MULTAN: Slow trading activity was witnessed on the cotton market on Monday as textile millers looked for quality lint.

Prices of the commodity remained steady while the Karachi Cotton Asso­ciation increased its spot rate by Rs100 at Rs8,100.

Phutti prices were quoted in the range of Rs3,850 to Rs4,350.

Cotton brokers said two major textile mills were actively purchasing the commodity, however short supply prevented deals in the required quantity.

They said that one spinning mill was interested in purchasing about 10,000 bales but could hardly purchase 3,000 bales.

Small textile units faced more hardships as they were interested in buying the commodity on low rates but ginners were unwilling to sell.

Interestingly, spinners tried to reduce prices by closing mills for a week but this trick did not work and prices further increased.

A sizeable increase in cotton prices is expected after Eidul Azha. An increasing trend in rates of the commodity is being witnessed in the international market as well.

Currently the markets in Punjab and Sindh are devoid of cotton, with the demand and supply factor pushing up prices since the requirement outweighs the arrival of the commodity.

Many ginning factories will be operational in Punjab including Rajanpur, Rahim Yar Khan, Multan, Khanewal, Dera Ghazi Khan, Rajanpur, Layyah, Lodhran and Mianwali.

The following deals were reported to have changed hands on ready counter: 1,000 bales, Vehari, at Rs8,350/8,450; 1,000 bales, Chichawatni, at Rs8,350/8,450; 600 bales, Burewala, at Rs8,350; 200 bales, Gojra, at Rs8,350; 400 bales, Pir Mahal, at Rs8,350/8,450; 200 bales, Samundri, at Rs8,450; 600 bales, Mian Channu, at Rs8,360/8,500; 600 bales, Khanewal, at Rs8,450; 800 bales, Sanghar, at Rs8,200/8,250; 200 bales, Mirpur Khas, at Rs8,200; 800 bales, Tando Adam, at Rs8,150/ 8,250; and 1,000 bales, Shahdadpur, at Rs8,150/ 8,250.

Published in Dawn, August 21st, 2018