KARACHI: Steady conditions prevailed on the cotton market on Monday where buyers kept chasing quality lint to meet their demand as there is a long gap of around seven months in the arrival of next crop by September.

Floor brokers said limited stocks held by ginners were a cause of concern for many spinners as they have yet to meet their demand from the cotton season.

However, a reduction of Rs2 per kg in the price of Polyester Staple Fibre (PSF) to Rs108 is a relief from the spinning industry which could use the fibre for blended yarn and keep their industry’s wheels moving.

Since very little stocks of quality lint are left behind, brokers believe that imports of cotton would continue despite the fact that many leading spinners had stockpiled a sizeable quantity of imported lint to see the season through.

Prices on the New York cotton market moved lower by 60 cents per lb. The Karachi Cotton Association (KCA) spot rates were unchanged at Rs5,400 per maund.

Major deal on ready counter were: 2,400 bales from Rohri (Rs5,420), 2,000 bales from Pano Aqil (Rs5,525), 500 bales from Haroonabad (Rs5,300), 200 bales from Yazman Mandi (Rs5,350), 400 bales from Chishtian (Rs5,350), 200 bales from Dera Ghazi Khan (Rs5,350), 200 bales from Bahawalnagar (Rs5,375), 1,200 bales from Fort Abbas (Rs5,400), 400 bales from Liaquatpur (Rs5,475), 400 bales from Mianwali (Rs5,575) and 600 bales from Fazilpur (Rs5,700).

Published in Dawn, February 9th, 2016