KARACHI: Steady conditions prevailed on the cotton market on Friday where short buying from some needy spinners was evident. However, the underlying sentiment remained firm and outlook uncertain.

Floor brokers said that the market lacked enthusiasm amid fear of short crop and poor quality of lint. The ongoing crisis in textile industry is also dampening sentiment, they added.

A cotton analyst said demand from the spinning industry has been slow as it is currently faced with financial crisis.

Barring short covering from some needy mills, trading was largely slow and prices stood firm at overnight level.

The situation would have been totally different if the crop was not damaged by monsoon rains and heavy floods, another analyst said.

The Karachi Cotton Association (KCA) kept its spot rates at previous level.

Major deals on the ready counter were: 1,000 bales from Khairpur done at Rs5,375 to Rs5,400, 1,000 bales Bahawalnagar at Rs5,350, 800 bales Chishtian at Rs5,300 to Rs5,350, 600 bales Yazman Mandi at Rs5,350 to Rs5,475, 2,400 bales Haroonabad at Rs5,350 to Rs5,475, 1,000 bales Bahawalpur at Rs5,400, 1,000 bales Ahmedpur at Rs5,440 to Rs5,450, 800 bales Fort Abbas at Rs5,400 to Rs5,450, 3,000 bales Rahimyar Khan at Rs5,575 to Rs5,600, 2,000 bales Mianwali at Rs5,550 to Rs5,600, 1,000 bales Ahmedpur at Rs5,440 to R5,450, 800 bales Shadan Lund at Rs5,450, 600 bales, Tonsa Sharif at Rs5,450, and 400 bales, Burewala at Rs5,550.

Published in Dawn, November 28th, 2015