KARACHI: The rising price trend of the last two days came under check on Friday as some sellers indulged in profit selling.

However, there were ready buyers who picked up every deal that was offered which helped cotton prices hold ground after recording a modest fall.

Falling cotton stocks with ginners kept many small spinners active who eagerly replenished their inventories.

With each passing day, the supply of quality cotton is worsening and it is difficult to get high grade lint at the closing stages of the current season.

The world leading cotton markets gave mixed prices trend with New York cotton recording fresh gains for early maturing contracts but all far off contracts closed with fresh losses.

There was fairly active trading which indicated that spinners are still desperate to get hold of cotton and may be even be compromising on quality.

The Karachi Cotton Association (KCA) spot rates were lowered by Rs100 to Rs7,500 per maund.

The following major deals were reported to have changed hands on ready counter: 1,000 bales, Sadiqabad, at Rs7,800; 220 bales, Khanewal, at Rs7,500; 400 bales, Fazilpur, at Rs7,300; 200 bales, Shujabad, at Rs6,800; 200 bales, Multan, at Rs6,800; 400 bales, Faqeerwali, at Rs6,400; 500 bales, Haroonabad, at Rs6,300; and 200 bales, Yazman, at Rs6,300.

Published in Dawn, March 17th, 2018