MULTAN: Prices on the cotton market remained steady on Friday amid small lot buying from some needy mills.

According to the monthly report of International Cotton Advisory Committee, five per cent reduction in cotton stock is expected during the ongoing year besides a decrease of 6pc in cotton-sowing area across the globe.

The report stated that the cotton-sowing area has also been reduced in India, China and Pakistan while the cotton production will be 9pc less than the estimated production.

Price of new phutti (seed cotton) in Thatha was Rs2435, Tando Adam Rs2500, Badin Rs2475, Kunri Rs2375, Tando Allah Yar Rs2425, Mirpur Khas Rs2400, Sanghar Rs2465, Burewala Rs2400, Sahiwal Rs2375 and Pakpattan Rs2375.

The Karachi Cotton Association (KCA) revised down its spot rate by Rs50, to Rs5,100.

Major deals finalised on ready counter included: 400 bales from Kotri at Rs4950, 400 bales Tando Adam at Rs4950/5025, 600 bales Shahdadpur at Rs4950/5000, 600 bales Sanghar at Rs4950/5000, 200 bales Hala at Rs5000, 200 bales Burewala at Rs5200, 200 bales Mirpur Khas at Rs5015 and 2000 bales of old crop from Khanpur at Rs5300.

Published in Dawn, July 4th, 2015

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