KARACHI: Higher de­­mand for cotton was witnessed for the second consecutive day on Thursday as hopes of importing the commodity from India faded further.

A leading exporter is reported to have purchased 300 bales for exports.

Phutti (seed cotton) arrival from the fields is diminishing and market analysts believe the final crop size would not be more than 10.8 million bales for 2018-19 crop.

According to reports the current spell of rains has delayed cotton sowing for next season by around 15 days, particularly in lower Sindh where the crop is sown early. Presently, wheat harvesting was going on but has been halted because of rains, brokers said.

The world leading cotton markets also stood firm. New York cotton, after witnessing profit selling, closed higher. The Indian cotton also gained Rs200 per candy (356kg) and Chinese cotton closed higher.

The Karachi Cotton Association (KCA) spot rates were unchanged t Rs8,600 per maund.

The following deals were reported to have changed hands on ready counter: 400 bales, station Daharki, at Rs8,800; 400 bales, Khanpur Meher, at Rs8,800; 600 bales, Mirpur Mathelo, at Rs8,600; 1,200 bales, Rahim Yar Khan, at Rs8,800; 600 bales, Lodhran, at Rs8,550; 600 bales, Chishtian, at Rs7,600; and 659 bales, Faqeerwali, at Rs7,700.

Published in Dawn, March 8th, 2019