KARACHI: Trading activity on the cotton market could not pick up on Monday due to slow phutti (seed-cotton) arrivals which led to shortage of quality lint.
However, lint prices remained steady as there was sustained demand from spinners.
Cotton picking in Sindh has been temporarily halted owing to the celebrations of Krishna Janamasthami by the Hindu community.
Meanwhile, polyester prices moved further higher by Rs3 on Monday to Rs195 per kg. Phutti prices were steady at Rs3,700 to Rs3,800 per 40 kg for Sindh and Rs3,500 to Rs3,750 for Punjab variety. Bolochistan phutti prices stood in the range of Rs3,800 to Rs4,000 40kg.
The world leading cotton markets also closed steady.
The Karachi Cotton Association (KCA) kept its spot rates firm at weekend level of Rs8,000 per maund.
The following deals were reported to have changed hands on the ready counter: 2,000 bales, station Tando Adam, at Rs,8100-8,150; 1,600 bales, Shahdadpur, at Rs8,100-8,150; 1,400 bales, Sanghar, at Rs8,100; 1,000 bales, Mirpurkhas, at Rs8,125-8,150; 1,400 bales, Nawabshah, at Rs8,100; 600 bales, Hyderabad, at Rs8,100; 200 bales, Ahmepur East, at Rs8,300; 400 bales, Chichawatni, at Rs8,250-8,275; 600 bales, Haroonabad, at Rs8,250-8,275; 200 bales, Taunsa Shareef, at Rs8,250; 200 bales, Jahanian, at Rs8,230; and 200 bales, Gojra, at Rs8,230.
Published in Dawn, September 4th, 2018