KARACHI: Cotton prices on Friday remained steady as spinners continued to replenish their stocks amid fears of a short crop and costlier imports in the aftermath of steep rupee devaluation.

Cotton prices stood firm at overnight level as sellers were forced to compromise and enter into deals quoted around previous day’s price level.

The New York cotton market, however, recovered on fear of damage to standing cotton crop by a forceful hurricane that hit cotton growing east coast states. However, other world cotton market including India closed easy while Chinese market gave a mixed trend.

The Karachi Cotton Association (KCA) spot rates remained at overnight level at Rs8,500 per maund.

The following deals changed hands on ready counter: 1,000 bales, from station Shahdadpur, done at Rs8,200 to Rs8,250; 1,000 bales, Tando Adam, at Rs8,250; 1,400 bales, Nawabshah, at Rs8,300 to Rs8,400; 1,000 bales, Rohri, at Rs8,550 to Rs800; 2,400 bales, Khairpur, at Rs8,500 to Rs8,625; 2,200 bales, Rahimyar Khan, at Rs8,650 to Rs8,700; 1,600 bales, Mianwali, at Rs8,550 to Rs8,600; 1,800 bales, Bahawalpur, at Rs8,575 to Rs8,600; 2,800 bales, Yazman, at Rs8,500 to Rs8,575; 1,400 bales, Layyah, at Rs8,400 to Rs8,450 and 2,600 bales, from Vehari, done at Rs8,325 to Rs8,400.

Published in Dawn, October 13th, 2018