KARACHI: Amid slow trading on Monday, the cotton market maintained week-end price level since no major development took place which could have impacted sentiment.
The expected announcement of mini-budget by the government kept trading activity restricted.
Though cotton prices remained steady, phutti (seed cotton) rates slightly moved up. Normally, prices of both cotton and phutti move in cohesion.
According to brokers, increased arrival of phutti should have depressed prices but instead the rates moved up. Sindh variety phutti was quoted between Rs3,800 to Rs4,000, Punjab quality in the range of Rs3,600 to Rs3,850; and Balochistan phutti between Rs3,900 to Rs4,100 per 40 kg.
On the global front Indian cotton came under pressure and closed easy by Rs200 per candy (356kg) while New York and Chinese cotton stood firm.
The Karachi Cotton Association (KCA) spot rates marked unchanged at week-end level at Rs8,200 per maund.
The following deals were reported to have transpired on ready counter: 1,600 bales, station Shahdadpur, at Rs8,200; 1,400 bales, Tando Adam, at Rs8,200; 1,000 bales, Sanghar, at Rs8,200; 1,200 bales, Nawabshah, at Rs8,225-8,250; 1,400 bales, Saleh Pat, at Rs8,350; 1,600 bales, Khairpur, at Rs8,300-8,325; 400 bales, Arifwala, at Rs8,235; 200 bales, Hasilpur, at Rs8,250; 400 bales, Layyah, at Rs8,240-8,275; 600 bales, Haroonabad, at Rs8,250-8,275; 200 bales, Bahawalnagar, at Rs8,300; 400 bales, Khanewal, at Rs8,350; and 200 bales, Fazilpur, at Rs8,350.
Published in Dawn, September 18th, 2018
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