KARACHI: Selling pressure pushed cotton prices lower on Wednesday as buyers restricted their activity to meet demand in near future. The outlook, however, remains uncertain.
As a result, the official spot rates by the Karachi Cotton Association were also lowered by Rs50 to Rs8,050 per maund. There should have been strong buying orders from textile industry at this time of the season but sluggish performance by cotton yarn market coupled with global factors dampened the overall sentiment, brokers said.
Despite the fact that the New York cotton market after moving lower for a week managed to slightly recover the losses but this did not impact the domestic trading.
It was interesting to note that many quality lots were offered at higher rates which were readily picked by spinners. However, overall market behaviour was dull compared to the expected trend at this time of a season.
The following deals were reported to have changed hands on ready counter: 1,600 bales, station Shahdadpur, at Rs7,885-8,000; 1,200 bales, Tando Adam, at Rs7,875-8,000; 1,000 bales, Sanghar, at Rs7,900-8,000; 600 bales, Mirpurkhas, at Rs7,950; 1,000 bales, Saleh Pat, at Rs8,200-8,250; 2,000 bales, Khairpur, at Rs8,100-8,150; 600 bales, Rajanpur, at Rs8,150-8,200; 600 bales, Mirpur Diwan, at Rs8,200-8,300; 400 bales, Khanewal, at Rs8,200; 400 bales, Taunsa Shareef, at Rs8,200; 400 bales, Burewala, at Rs8,100; 400 bales, Chichawatni, at Rs8,100-8,075; and 200 bales, Vehari, at Rs8,100.
Published in Dawn, September 27th, 2018
