MULTAN: Trading improved slightly on Thursday on the cotton market amid active buying by some spinners.

According to cotton broker Syed Muddabir Shah, the market could witness hectic buying from spinning mill owners ahead of Eidul Fitr holidays.

He said phutti arrivals could not improve as growers were reluctant to sell their produce at lower prices, he said, adding that some weaker links among them were selling at prevailing low rates to meet their Eid-related expenses.

Deals were finalised at Rs5,850 and Rs6,000 in Punjab and Rs5,800 and Rs5,950 in Sindh.

Prices of cottonseed (Banola), however, further fell by Rs50, to Rs1,200-1,350.

The broker said two deals of 200 bales each took place in Burewala and Chichawatni at Rs6,050 on after-Eid payment.

He said deals of 8,500 maunds of cottonseed took place in Sahiwal, Chichawatni 4,500, Haroonabad 2,000, Khanewal 2,500, Vehari 4,000, Gojra 1,200, Pakpattan 5,500, Mailsi 4,500, Burewala 4,000, Bahawalpur 2,500, Lodhran 500 and Okara 1,000.

The Karachi Cotton Association (KCA) kept its spot rate unchanged at Rs5,800. A total of 7,800 bales changed hands across the country — 2,600 in Punjab and 5,200 in Sindh.

The following deals were finalised on the ready counter on Thursday: 400 bales, Kotri at Rs5,800; 200 bales Hyderabad at Rs5,800; 200 bales Golarchi at Rs5,800; 800 bales Tando Adam at Rs5,800; 1,200 bales Sanghar at Rs5,800; 1,000 bales Shahdadpur at Rs5,800; 1,000 bales Mirpur Khas at Rs5,800; 400 bales Khipro at Rs5,800; 400 bales Pakpattan at Rs5,800, 800 bales Burewala at Rs5,80/5,9000; 600 bales Chichawatni at Rs5,800/5,900; 600 bales Arifwala at Rs5,800/5,900; and 200 bales Sahiwal at Rs5,900.

The following are Thursday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/32” micronair value between 3.8 to 4.9 NCL.

Published in Dawn, July 25th , 2014