KARACHI: Mild profit-selling pushed cotton prices lower by Rs50-100 per maund on Wednesday as many brokers with long positions willingly disposed off stocks.
Falling cotton prices in world leading cotton markets including New York cotton were reported to be a major factor which influenced domestic trading.
Higher arrival of phutti (seed cotton) from Punjab cotton fields into ginneries also played a major role in depressing cotton prices, brokers said. Much of the trading activity, however, was noted in Sindh variety cotton which had attained maturity.
A steep fall in New York cotton prices – up to US 2.79 cents – pushed rates below US 80 cents per lb after a long time. This development has shaken the confidence of buyers who suddenly moved to the sidelines.
The Karachi Cotton Association (KCA) adjusted spot rates downwards by Rs50 to Rs8,200 per maund.
The following deals were reported to have changed hands on ready counter: 2,000 bales, station Shahdadpur, at Rs8,150-8,200; 1,400 bales, Tando Adam, at Rs8,150-8,200; 1,200 bales, Sanghar, at Rs8,150-8,200; 2,000 bales, Nawabshah, at Rs8,150-8,250; 2,000 bales, Khairpur, at Rs8,275-8,300; 1,400 bales, Saleh Pat, at Rs8,350-8,375; 200 bales, Taunsa, at Rs8,300; 600 bales, Haroonabad, at Rs8,150-8,225; 600 bales, Burewala, at Rs8,150-8,200; 200 bales, Chishtian, at Rs8,200; 400 bales, Yazman, at Rs8,175; and 400 bales, Faqirwali, at Rs8,175.
Published in Dawn, September 20th, 2018