KARACHI: Cotton prices were steady on Friday on renewed buying interest from some spinners after two days of slow trading.

The intervention by the state-owned Trading Corporation of Pakistan (TCP) also forced ginners to dispose of their stocks. Earlier, they were holding back their limited stocks anticipating higher prices in the coming days.

The spinners were in a race to get maximum quantity of cotton at current rates because of expected delay in arrivals of the next crop, brokers said.

The Karachi Cotton Association (KCA) left its spot rates unchanged. Major deals on the ready counter were: 1,200 bales from Nawabshah (Rs5,300), 900 bales Mehrabpur (Rs5,300), 2,200 bales Bahawalpur (Rs5,500), 700 bales Dera Ghazi Khan (Rs5,700), 700 bales Moham­madpur Dewan (Rs5,750), 400 bales Bakhar (Rs5,750 to Rs5,800), 400 bales Yazman Mandi (Rs5,900) and 600 bales Layyah (Rs6,000).

However, world cotton markets remained under pressure because of profit-selling. The New York cotton finished all-around easy for the five future contracts.

Published in Dawn, April 30th, 2016