KARACHI, Oct 24: Cotton prices ended flat on Wednesday with barely any activity in Sindh as millers anticipate fall in prices from next week on likely higher phutti arrivals and also due to bearish trend in global prices, brokers said. This week will also be a shorter trading week due to Eidul Azha which has made millers more cautious.
The Karachi Cotton Association kept its official spot rate unchanged at Rs5,650 per maund and just 600 bales of cotton were exchanged both on credit at Rs5,600 but activity in Punjab increased to 8,000 bales at Rs5,500 to Rs5,800.
There are also concerns about international cotton prices as US cotton futures sank more than 3.5 per cent, their biggest one-day loss in over two months, as investors either locked in profits from recent gains or fled risky assets amid concerns about weak physical demand.
Confidence was shaken by disappointing quarterly earnings from global industrial companies seen as barometers for global economic health.
The following transactions were reported on the ready market on Wednesday:
SINDH TYPE: 400 bales, Shahdadpur at Rs5,600 (payment after Eid) and 200 bales, Sahari at Rs5,600 (payment after Eid).
PUNJAB VAREITY: 200 bales, Hasilpur at Rs5,500, 200 bales, Shujabad at Rs5,550, 1,000 bales, Kehrorlalesan at Rs5,600, 400 bales, Duniapur at Rs5,600, 400 bales, Khanewal at Rs5,650, 600 bales, Bahawalpur at Rs5,650 to Rs5,700, 200 bales, Lodhran at Rs5,650, 400 bales, Uchsharif at Rs5,700, 400 bales, Burewala at Rs5,700, 400 bales, Layyah at Rs5,700, 400 bales, Mianchano at Rs5,725, 400 bales, Bakhar at Rs5,800, 2,200 bales, Rahimyarkhan at Rs5,800 and 400 bales, Mianwali at Rs5,800.