KARACHI: Buying spree continued on cotton market for third consecutive day on Friday as spinners booked big lots amid forecast of new spell of rains in Sindh and Punjab from next week sending prices further higher.

As the crop in Punjab is at maturing stage a larger quantity of phutti has started arriving into ginneries. However, in Sindh picking operations have partially been slowed down because Hindu community is celebrating its religious festival. As result of higher demand, the phutti prices also rose with Sindh variety was quoted in the range of Rs3,300-3,600, Punjab Rs3,600-4,100 and Balochistan between Rs3,600-3,700 per 40kg.

On global front New York cotton came under pressure following reports of lesser exports against last week. The Chinese and Indian markets were steady amid slow trading.

The Karachi Cotton Association (KCA) revised upward, for second consecutive day, its spot rates by Rs100 to Rs8,000 per maund.

The following deals were reported to have changed hands on the ready counter: 1,600 bales, Shahdadpur, at Rs7,900-8,000; 1,400 bales, Tando Adam, at Rs7,900-8,000; 2,000 bales, Mirpurkhas, at Rs7,850-8,000; 1400 bales, Nawabshah, at Rs7,900-8,000; 1,600 bales, Chichawatni, at Rs8,200; 400 bales, Sadiqabad, at Rs8,200; 800 bales, Vehari, at Rs8,100 and 600 bales, Burewala, at Rs8,200.

Published in Dawn, August 24th, 2019