KARACHI: The cotton market witnessed moderate trading activity, with prices on the ready counter remaining unchanged. However, the official spot rates were further cut down by Rs50 per maund (37.324 kilograms).

As the world’s leading cotton markets continued to be under pressure and closed easy for second consecutive session, its ramifications were also felt on the domestic market.

The New York cotton market experienced a steep fall in prices for the second day in a row, which adversely impacted other leading markets, including China and India, brokers said.

However, demand from some spinners did help the domestic market to witness moderate activity; however, slow arrivals of phutti (seed cotton) due to recent rains restricted activity.

Though there were no reports of any damage to standing cotton crop in Sindh and Punjab by recent rains, it is feared that more downpour might adversely impact the standing cotton crop.

The Karachi Cotton Association cut its spot rates by Rs50, to Rs6,050 per maund. Major deals on the ready counter were: 400 bales from Kotri at Rs6,150 to Rs6,200, 600 bales from Shahdadpur at Rs6,150 to Rs6,200, 1,200 bales from Tando Adam at Rs6,175 to Rs6,200, 200 bales from Hala at Rs6,200, and 200 bales from Hyderabad at Rs6,200.

Published in Dawn, July 5th, 2017