KARACHI: Amid routine trading activity cotton prices on Wednesday remained steady. Strong indications of higher cotton yarn off-take induced some buying interest from textile spinners.

Global factors also influenced trading after the Unites States released a Chinese cell-phone tycoon on bail, raising hopes of improved trade relations between the two biggest economies of the world.

Meanwhile market reports suggest that many leading spinners are currently busy in handling and making payments for imported cotton consignments. This has resulted in reduced buying activity in the market, brokers said.

Sources said there was growing shortage of quality cotton from domestic sources.

This could hurt cotton growers who will suffer badly as they would not be able to get good price for their entire crop, they added.

The world leading cotton markets gave mixed trend with Indian cotton losing between Rs100-200 per candy but New York cotton and Chinese cotton closed firm.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,800 per maund.

The following deals were reported to have changed hands on ready counter: 1,800 bales, station Rahim Yar Khan, at Rs9,000-9,100; 1,000 bales, Shujabad, at Rs9,000; 2,000 bales, Fazilpur, at Rs9,000; 2,800 bales, Alipur, at Rs8,400-8,800; 400 bales, Haroonabad, at Rs7,700; 400 bales, Saleh Pat, at Rs8,750; 200 bales, Mirpur Khan, at Rs8,400; 200 bales, Multan, at Rs8,450; 200 bales, Fort Abbas, at Rs8,350; and 200 bales, Chishtian, at Rs8,200.

Published in Dawn, December 13th, 2018