KARACHI: Buyers were at the forefront on Saturday covering up their positions by bidding on bigger lots on the cotton market. They remained focused on quality lint as uncertainty gripped the cotton market amid fears of shortage.

Breaking away from the declining trend in the last two days, lint prices renewed their upward movement on sustained buying from leading textile spinners.

The prices during the week rose by Rs400-500 per maund as buyers took keen interest in both Sindh and Punjab varieties to cover up their positions.

The Sindh variety cotton prices fluctuated in the range of Rs7,800-8,700 per maund and phutti (seed cotton) were in the range of Rs3,300-3,850 per 40kg. Similarly, Punjab quality cotton was being quoted at Rs8,800-8,450 per maund and phutti between Rs3,500-4,100 per 40kg.

On the other hand, Balochistan variety was traded between Rs8,450-8,700 per maund and phutti in the range of Rs3,800-4,300 per 40kg.

The leading global cotton markets showed mixed trend as New York cotton covered up its previous positions, while Chinese and Indian cotton closed mixed to easy.

The Karachi Cotton Association (KCA) spot rates were firm at Rs8,550 per maund.

The following major deals were reported to have changed hands on ready counter: 1,600 bales, Tando Adam, at Rs7,900 to Rs7,950; 1,000 bales, Shahdadpur, at Rs7,800 to Rs8,100; 1,200 bales, Khairpur, at Rs8,650 to Rs8,725; 1,200 bales, Haroon­abad, at Rs8,750; 1,400 bales, Burewala, at Rs8,650; 600 bales, Chichawatni, at Rs8,650; 800 bales, Rajanpur, at Rs8,700 and 400 bales, Bahawal Nagar, at Rs8,700.

Published in Dawn, September 22nd, 2019