KARACHI: Trading on the cotton market began on a firm note on Friday but came under pressure towards closing stages due to panic selling from ginners.

Brokers said prices reeled back in late trading, influenced by easy trend in world cotton markets and partly by improved flow of phutti (seed cotton) from cotton fields into ginneries.

During late evening trading, selling pressure pushed lint prices down by Rs100 for both Sindh and Punjab varieties.

The world cotton markets remained under pressure where New York cotton finished lower for all future contracts, except maturing October and December 2014, which made modest gains.

The Karachi Cotton Association (KCA) raised its spot rates by Rs100, to Rs5,500 a maund.

The following major deals were reported to have materialised on ready counter: 2,000 bales Shahdadpur at Rs5,550 to Rs5,600; 2,000 bales Tando Adam at Rs5,550 to Rs5,600; 2,400 bales Sanghar at Rs5,550 to Rs5,600; 1,000 bales Hyder­abad at Rs5,550 to Rs5,600; 1,600 bales Mirpu­rkhas at Rs5,550 to Rs5,600; 1,000 bales Kotri at Rs5,550 to Rs5,600; 1,000 bales Haroo­nabad at Rs5,650 to Rs5,700; 1,000 bales Khan­ewal at Rs5,650 to Rs5,700; 600 bales Kabbir wala at Rs5,700; and 800 bales Sahiwal at Rs5,650 to Rs5,700.

Published in Dawn, August 23rd, 2014