KARACHI: Cotton prices remained steady as small spinners and sundry traders continued their buying operations on Friday.

As it is becoming clear that the crop size would not be more than 10.8 million bales against the estimated domestic consumption of between 13-15m bales, leading textile spinners seem reluctant to enter the trading ring.The world’s leading cotton markets also witnessed bullish trend where almost all the market closed firm under the lead of New York cotton. The Indian and Chinese markets also noted gains.

For over a week, the Karachi Cotton Association kept its spot rates steady at Rs8,700 per maund.

The following deals were reported to have changed hands on the ready counter: 600 bales, Ghotki, at Rs8,800-8,900; 400 bales, Khanpur Mehar, at Rs8,800; 200 bales, Mirpur Mathelo, at Rs8,800; 1,350 bales, Sadiqabad, at Rs8,700-8,850; 600 bales, Vehari, at Rs6,525-8,050 and 1,836 bales from Mianwali were done at Rs7,400-7,800.

Published in Dawn, January 19th, 2019