KARACHI: Cotton prices remained steady on Thursday though buyers were cautious as short supply of quality lint restricted activity somewhat.

With each passing day, cotton crop estimates continue to be revised lower and this has caused a lot of panic and resentment among the textile industry. The adverse impact of short crop is likely to affect the next crop.

Cotton growers are highly distressed by huge losses and may shift to other crops next season if government fails to ensure fair return to them, a broker asserted.

Cotton analyst Naseem Usman warned there is an urgent need to look into the issues confronting agriculture sector in the light of climate change. A wholesome strategy is needed without delay, he maintained.

The world cotton markets generally remained easy except Indian cotton which recorded modest gains. Chinese and New York cotton slipped down.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs9,000 per maund.

The following major deals were reported to have changed hands on ready counter: 3,200 bales, station Ghotki, at Rs9,150-9,200; 2,000 bales, Khairpur, at Rs8,300-8,800; 2,000 bales, Rahim Yar Khan, at Rs9,100-9,200; 800 bales, Sadiqabad, at Rs9,200; 800 bales, Liaquatpur, at Rs8,900; and 600 bales, Khanpur, at Rs9,200.

Published in Dawn, November 22nd, 2019