KARACHI: Cotton prices slightly came under pressure on Thursday on reports that new season’s phutti (seed cotton) arrival from lower Sindh could start earlier than anticipated. Textile spinners remained active in covering up their near future demand.

Last week, cotton prices maintained an upward trend on short supply of quality lint in domestic market. Some market sources said that after continuous rise in cotton prices, there was a need for some correction. Lower rates in leading world cotton markets also influenced domestic trade.

Cotton sowing is going on in Sindh and no shortage of irrigation water is there. Hence, the arrival of cotton from lower Sindh could be much earlier.

On the global front, major cotton markets remained closed on account of Labour Day. New York cotton prices reeled back on slow exports.

The Karachi Cotton Association (KCA) spot rates were adjusted downward by Rs50 to Rs,8,900 per maund.

Trading on ready counter was fairly active and following deals were reported to have changed hands: 1,200 bales, station Ahmedpur East, at Rs9,075; 400 bales, Buchari, at Rs8,000; 3,400 bales, Rahim Yar Khan, at Rs8,900-9,000; 600 bales, Sadiqabad, at Rs8,900; 600 bales, Jalalpur, at Rs8,700; 600 bales, Layyah, at Rs8,275; and 400 bales, Jahanian, at Rs8,000.

Published in Dawn, May 3rd, 2019