KARACHI: The cotton prices on Friday remained steady on sustained buying from spinners and some exporters. Slow arrivals of phutti (seed cotton) and shortage of cotton keep cotton prices on the higher side.

Floor brokers said that some spinning groups have already entered into import contracts to build up their stocks anticipating cotton prices would increase in the coming months.

The short crop amid delay in sowing in Punjab this season and lesser area coming under cotton cultivation are the major factors which keep spinners panicky and fearful of cotton shortage, brokers said. According to market sources, around four to five spinning units have jointly started importing cotton amid low prices on the world market.

The world cotton markets gave mixed trend as New York cotton recovered part of the recent losses. But Indian and Chinese markets remai­ned under pressure.

The Karachi Cotton Associ­ation left its spot rate unchan­ged. Major deals on the ready counter were: 1,000 bales from Mirpurkhas (Rs6,775 to Rs6,800), 2,000 bales Sanghar (Rs6,775 to Rs6,800), 2,400 bales Shahdadpur (Rs6,750 to Rs6,825), 2,000 bales Tando Adam (Rs6,800 to Rs6,825), 1,200 bales Hyderabad (Rs6,800 to Rs6,850), 800 bales Khanewal (Rs6,950), 200 bales Samundri (Rs6,900), 200 baled Tando Mohammad Khan (Rs6,800), and 200 bales Chowdagi (Rs6,800).

Published in Dawn, August 27th, 2016