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KARACHI: Cotton and phutti (seed cotton) prices came under correction on Thursday in line with the rise in rupee value recorded a day earlier. As a result the official spot rate of cotton was also revised downwards.
However, activity was fairly brisk as many leading spinners remained at the forefront and covered up their positions with quality lint which currently available in abundance.
According to market reports phutti stocks from Sindh, Punjab and Balochistan closed easy by Rs100 per 40kg. Reports that the yarn and fabric market were sluggish did not deter spinners from building up their inventories.
Internationally, New York cotton once again witnessed a steep fall of US two cents for all future contracts. Chinese and Indian cotton also closed easy.
The Karachi Cotton Association (KCA) spot rates were revised downwards by Rs100 to Rs8,750 per maund.
The following major deals were reported to have changed hands on ready counter: 1,400 bales, station Tando Adam, at Rs8,300-8,400; 2,000 bales, Nawabshah, at Rs8,400; 2,000 bales, Khairpur, at Rs8,650-8,750; 1,000 bales, Rohri, at Rs8,700-8,850; 1,000 bales, Saleh Pat, at Rs8,800-8,850; 1,000 bales, Ghotki, at Rs8,900-9,000; 800 bales, Daharki, at Rs8,900-9,000; 1,800 bales, Rahim Yar Khan, at Rs8,875-8,900; 2,200 bales, Sadiqabad, at Rs8,875-8,900; and 1,800 bales, Fort Abbas, at Rs8,650-8,700.
Published in Dawn, October 26th, 2018
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