KARACHI: Steady flow of buying orders from leading spinners helped cotton prices maintain upward trajectory on Tuesday. Activity was fairly brisk though buyers turned to small lot deals.

There were hardly any new developments which could influence the normal trading activity presently going on in the cotton market. However, the increasing arrival of quality cotton is attracting buying.

The third picking has started in lower Sindh where cotton crop was badly battered by recent rains and high winds. According to brokers, cotton quality is badly affected.

Meanwhile, flow of phutti (seed cotton) from Punjab cotton fields is also increasing. The cotton crop is maturing mostly in lower part of the Punjab province. Much of the trading activity was noted in Punjab variety cotton.

The world leading cotton markets gave mixed trend with New York cotton covering part of recent losses. There were reports that India may harvest bigger cotton crop this year.

The Karachi Cotton Association (KCA) spot rates were revised upward by Rs50 to Rs8,600 per maund.

The following major deals were reported to have changed hands on ready counter: 800 bales, station Saleh Pat, at Rs8,650-8,700; 1,000 bales, Rohri, at Rs8,650; 1,200 bales Khairpur, at Rs8,650-8,750; 1,600 bales, Rajanpur, at Rs8,750-8,800; 800 bales, Faqeerwali, at Rs8,750; 1,200 bales, Fazilpur, at Rs8,750; 1,800 bales, Haroonabad, at Rs8,750-8,800; 1,000 bales, Yazman, at Rs8,700; and 600 bales, Ghazi Abad, at Rs8,650.

Published in Dawn, September 25th, 2019