KARACHI: Trading activity on the cotton market remained fairly brisk on Wednesday on sustained demand from textile mills and some exporters. The undertone was firm and outlook bright.
However, cotton prices remained firm and steady at the level of last week which indicated that there is a balance between demand and supply of the cotton.
Nevertheless, market reports have suggested phutti (seed-cotton) arrivals will gain momentum after the Muharram holidays particularly in Punjab where the crop is now maturing fast.
Therefore, steady flow of buying orders originating from spinners and some exporters did not disturb the price line. The availability of quality cotton continues to attract buyers, brokers said.
On the global front New York cotton came under pressure and closed easy, while Chinese and Indian cotton markets were steady.
The Karachi Cotton Association (KCA) kept its spot rates steady at overnight level.
The following deals were reported to have materialised on the ready counter: 3,000 bales, Shadadpur, at Rs8,100 to Rs8150; 2,600 bales, Tando Adam, at Rs8,100 to Rs8,150; 2,200, Sanghar, at Rs8,100 to Rs8,150; 1,000 bales, Hyderabad, at Rs8,125 to Rs8,150; 2,000 bales, Nawabshah, at Rs8,125; 400 bales, Haroonabad, at Rs8,275 to 8,300; 600 bales, Khanewal, at Rs8,275 to Rs8,300; 200 bales, Ahmedpur East, at Rs8,300 and 400 bales, Mian Chunnu, at Rs8,300.
Published in Dawn, September 6th, 2018
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