KARACHI: Cotton prices remained steady on Tuesday as buying activity intensified, with trading resuming on overnight bullish tone. Many leading textile spinning groups actively procured big lot deals.

Some ginners on their part tried to hold back stocks in order to get even higher prices in coming days. However, many ginners, fearing that imported cotton may impact domestic market prices, readily obliged.

Meanwhile, many buyers prefer to wait for cotton production figures which are due in a couple of days before entering into deals.

The world leading cotton markets gave mixed trend with Indian cotton moving higher between Rs100-300 per candy (356kg) and New York cotton by and large remaining under pressure.

Meanwhile, polyester fibre prices came down by Rs3 to Rs187 per kg owing fall in world oil prices.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,700 per kg.

The following deals were reported to have changed hands on ready counter: 1,600 bales, station Tando Adam, at Rs7,950-8,000; 1,200 bales, Shahdadpur, at Rs7,700-7,800; 2,000 bales, Khairpur, at Rs8,700-8,800; 1,000 bales, Rohri, at Rs8,725-8,750; 2,000 bales, Khanewal, at Rs9,000; 1,200 bales, Taunsa Sharif, at Rs8,800-8,900; 800 bales, Chichawatni, at Rs8,700-8,800; and 1,200 bales, Layyah, at Rs8,750.

Published in Dawn, October 2nd , 2019