KARACHI: The cotton market failed to attract buyers on Tuesday, with the lack of activity pulling down prices.

Barring short-term recovery from some needy spinners, the market continued to lack trading interest. According to reports, most leading Pakistani spinners have left the country to participate in the ‘Sourcing USA Summit’, an international cotton fibre and textile trade event in Arizona.

Phutti (seed-cotton) prices also came under pressure. Phutti from Sindh’s was quoted in the range of Rs3,000-4,100 per 40kg; Punjab variety between Rs3,600-4,200 per 40 kg; while Balochistan variety remained between Rs3,600-4,400 per 40 kg.

Major international cotton markets on the whole remained under pressure. New York cotton crashed down to 1.71 cents per pound for all future contracts. However, Indian cotton moved against the trend and surged between Rs600-1,000 per candy on reports of short crop.

The KCA spot rates were lowered by Rs50-8,850 per maund.

The following deals were reported to have changed hands on ready counter: 1,000 bales, Khairpur, at Rs8,600; 1,000 bales, Rohri, at Rs8,700-8,800; 800 bales, Saleh Pat, at Rs8,700-8,800; 800 bales, Ghotki, at Rs9,000-9,050; 2,800 bales, Sadiqabad, at Rs9,000-9,050; 1,400 bales, Fort Abbas, at Rs8,700-8,825; 800 bales, Haroonabad, at Rs8,575-8,700; 1,000 bales, Yazman, at Rs8,675-8,700; and 400 bales, Mianwali, at Rs8,650.

Published in Dawn, November 14th, 2018