KARACHI: The cotton market remained steady on Friday amid sustained demand from big and small buyers.

Apart from procuring cotton locally, large-sized spinning units are equally focused on imports to meet a huge gap of around five million bales, according to market reports,.

Much of the buying originated from textile mills which have no DTRE facility and have to depend on local cotton. However, those mills which can avail the remission of duty and taxes scheme are seeking imports.

The world leading cotton markets remained under pre­ssure with New York cotton closing lower for all future contracts.

The Indian cotton also shed between Rs300-500 per candy (356kg).

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,750 per maund.

The following deals were reported to have changed hands on ready counter: 1,000 bales, station Khairpur, at Rs8,700-8,750; 1,400 bales, Haroonabad, at Rs8,800-8,950; 1,600 bales, Rajanpur, at Rs8,900; 2,200 bales, Yazman Mandi, at Rs8,850-8,900; 1,200 bales, Ghaziabad, at Rs8,700; 600 bales, Mianwali, at Rs9,000; 600 bales, Rahim Yar Khan, at Rs8,900; 400 bales, Liaquatpur, at Rs8,900; and 400 bales, Donga Bunga, at Rs8,900.

Published in Dawn, October 12th, 2019