KARACHI: Easy conditions prevailed on the cotton market on Thursday where prices came under pressure owing to lack of buying interest from textile mills.

Barring few deals originating from some needy spinners the market lacked buying interest.

Brokers said trade and industry were marking time till political situation settles down. As such, all business related activities are currently being run on a day to day basis without going on long term planning for now.

Meanwhile, the new spell of rains in Punjab is hindering phutti (seed cotton) arrival and causing shortage. Moreover, cotton yarn and fabric markets are reported to be slow as demand from value-added textile sector also declined.

It was interesting to note that much of the trading activity remained around Sindh variety cotton because the availability of Punjab quality is still restricted.

The world leading cotton markets mostly remained steady, with Chinese cotton closing with gains while New York and Indian cotton were firm.

The Karachi Cotton Association (KCA) spot rates were lowered by Rs50 more to Rs9,000 per maund.

The following deals were reported to have changed hands on ready counter: 2,800 bales, station Tando Adam, at Rs9,000 to Rs9,150; 1,200 bales, Shahdadpur, at Rs9,000 to Rs9,100; 1,800 bales, Sanghar, at Rs9,000 to Rs9,130; 800 bales, Hyderabad, at Rs9,100; 600 bales, Kotri, at Rs9,050 to Rs9,100; 200 bales, Khadro, at Rs9,100; 1,400 bales, Burewala, at Rs9,100 to Rs9,200; 400 bales, Chichawatni, at Rs9,150 to Rs9,200; 400 bales, Samandari, at Rs9,100; and 200 bales, Sahiwal, at Rs9,100.

Published in Dawn, August 10th, 2018