MULTAN: Cotton prices fell slightly on Saturday due to lack of buying interest from spinners and improvement in arrivals, brokers said.

A cotton broker said cotton markets are almost deserted these days ahead of Eidul Fitr. Compared to fall in phutti (seed cotton) and lint prices, rates of cottonseed (Banola) increased by Rs100, to Rs1200-1300.

Phutti arrivals improved in Punjab as deals of 9,000 maunds took place in Chichawatni, 12,000 in Mailsi, 10,000 in Sahiwal, 8,000 in Pakpattan, 6,500 in Hasilpur, 5,000 in Bahawalpur, 7,500 in Haroonabad, 4,000 in Mian Channu and 6,000 in Khanewal.

The Karachi Cotton Association (KCA) kept its spot rate unchanged at Rs5,800. Only 1,400 bales changed hands across the country and all of the deals took place in Punjab.

The following deals were finalised on the ready counter on Saturday: 400 bales, Burewala at Rs5,700; 400 bales Hasilpur at Rs5,750-5,775 and 600 bales Gojra at Rs5,750-5,775.

The following are Saturday’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 27th, 2014