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KARACHI: Despite slow trading, cotton prices on Wednesday remained steady as demand from textile mills kept pouring in but ginners presently holding ‘long position’ were unable to oblige.

Trading resumed on overnight bullish mood but many spinners were unable to get hold of choice lots. Market reports suggested that due to slow arrival of phutti (seed cotton) many ginners are presently in oversold position.

Consequently, phutti and cotton prices generally remained steady. Market sources believe that once arrival of phutti from Punjab gains momentum it would help enhance trading activity. The standoff between government and business community over the issues arising from budgetary measures seems to have subsided. However, the textile industry is still demanding withdrawal of 17 per cent sales tax on export oriented industries.

On the global front New York cotton towards closing stages came under profit selling and closed easy. Chinese and Indian cotton markets were mixed.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,300 per maund.

The following deals were reported to have changed hands on ready counter: 600 bales, station Shahdadpur, at Rs8,400; 1,400 bales, Tando Adam, at Rs8,400-8,425; 1,800 bales, Sanghar, at Rs8,425; 1,200 bales, Mirpurkhas, at Rs8,400; 600 bales, Burewala, at Rs8,400; 1,000 bales, Burewala, at Rs8,500; 400 bales, Chichawatni, at Rs8,550; 600 bales, Vehari, at Rs8,500; and 400 bales, Samundri, at Rs8,550.

Published in Dawn, July 18th, 2019