KARACHI: Amid moderate trading activity cotton prices were steady on Friday as buyers focused on quality lint.

According to market sources, liquidity crunch is forcing the industry to slow down buying. Short cover up for quality lint by some small- and medium-sized spinning units also generated activity but prices remained steady at overnight level, brokers said.

They added that short crop has not only put extra burden on country’s foreign exchange reserves but also deprived the textile industry of much needed raw material.

The world leading cotton markets gave mixed trend with New York cotton moving lower and Indian and Chinese markets closed mixed.

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

The following deals were reported to have changed hands on ready counter: 1,400 bales, station Ghotki, at Rs9,150; 1,000 bales, Khairpur, at Rs8,425; 800 bales, Shujabad, at Rs9,250; 1,200 bales, Rahim Yar Khan, at Rs9,150-9,200; 2,000 bales, Liaquatpur, at Rs9,000; 1,000 bales, Bahawalpur, at Rs8,700-8,800; 1,400 bales, Haroon­abad, at Rs8,700-8,800; 2,200 bales, Yazman Mundi, at Rs8,750-8,800; 1,000 bales, Faqirwali, at Rs8,700-8,750; and 1,000 bales, Fort Abbas, at Rs8,700-8,750.

Published in Dawn, November 23rd, 2019