MULTAN: Steady conditions prevailed on the cotton market on Wednesday though ginners were reluctant to sell the commodity at prices offered by spinners. There was an increase of Rs50 in cotton and phutti (seed cotton) prices.

The weather in Punjab is currently favorable. Wednesday saw peak arrival of good quality phutti in the cotton markets of Sahiwal, Mureedwala, Burewala, Mian Channu and Vehari.Phutti prices were recorded between Rs3.800 to Rs4.300. The Karachi Cotton Association also increased its spot rate by Rs100 at Rs8,400.

Cotton experts said that due to an increase in prices, ginners are delaying the delivery of about 40,000 bales of lowest rate in Sindh. This situation has been created due to panic buying by the mill owners, they added.

Prices were stable in the first half but things changed in the second half when ginners tried to sell the commodity by demanding Rs100 more. This led to restricted buying.

Major deals on the ready counter were: 2,000 bales, Tando Adam, at Rs8,450-8,525; 800 bales, Mirpurkhas, at Rs8,450-8,500; 800 bales, Shahdadpur, at Rs8,450; 2,400 bales, Sanghar, at Rs8,450-8,500; 1,200 bales, Hyderabad, at Rs8,425-8,450; 200 bales, Mureedwala, at Rs8,600; 600 bales, Burewala, at Rs8,600-8,650; 300 bales, Chichawatni, at Rs8,600; and 100 bales, Mian Channu, at Rs8,600.

Only one deal of old crop took place in Sadiqabad, at Rs8,700.

Published in Dawn, July 11th, 2019