KARACHI: The rising trend in cotton prices — which dominated the market for the last two days —came to an end on Wed­nesday as profit selling intensified. However, there were ready buyers on the market which helped avert a major dent in the price line and only up to Rs50 to Rs100 were lost per maund.

Brokers said many buyers seemed to have attained ‘long position’ and indulged in profit selling.

Phutti (seed cotton) pri­ces came under mild pressure in sympathy. According to market reports Sindh variety phutti was quoted at Rs3,800-3,900 per 40kg, Punjab quality phutti at Rs3,700-3,850 while Balo­chistan remained steady at Rs3,800-4,000 per 40kg.

The cotton yarn market also remained under pressure due to slow off-take from the value added textile sector.

The Karachi Cotton Asso­ciation spot rates, however, stood firm at overnight level at Rs8,300 per maund. But steady flow of buying orders from textile and some ex­­porters resulted brisk activity on the ready counter.

The following deals were reported to have changed hands on ready counter: 2,200 bales, station Shah­dad­­pur, at Rs8,300-8,350; 2,400 bales, Tando Adam, at Rs8,300-8,350; 2,000 bales, Sanghar, at Rs8,300-8,350; 1,400 bales, Mirpurkhas, at Rs8,275-8,325; 1,200 bales, Hydera­bad, at Rs8,375-8,350; 1,000 bales, Shahpur Chakar, at Rs8,300-8,350; 3,000 bales, Nawabshah, at Rs8,300-8,350; 2,000 bales, Khair­pur, at Rs8,400; 200 bales, Ahmedpur, at Rs8,500; 400 bales, Rahim Yar Khan, at Rs8,450; 600 bales, Vehari, at Rs8,375-8,424; and 400 bales, Bahawalpur, at Rs8,425.

Published in Dawn, September 13th, 2018