MULTAN: Buyers remained at the forefront on cotton on Friday and actively replenished their inventories. However, short supply of quality lint coupled with reluctance on part of ginners to sell their stocks kept trading restricted.

The Karachi Cotton Association kept its spot rate unchanged at Rs8,000.

Cotton experts said a difference of Rs350 was observed in the prices of lint from Sindh and Punjab, with the former fetching lower rates due to inferior quality.

Phutti (seed cotton) arrival has shrunk by 70 per cent while ginners are reluctant to sell stocks as there are chances that prices will increase after Eid. Phutti prices were quoted in the range of Rs3,800 to Rs4,300.

As many as 45 spinning mills in Punjab are going to be closed for a week due to short arrival of phutti and instability in fibre prices, experts said. This is for the first time that such a large number of mills would be closed for such long time, they added.

So far, deliveries will continue for another two days as most transport is unavailable to due to Eidul Azha.

The following deals were reported to have changed hands on ready counter: 1,200 bales, Tando Adam, at Rs8,100/8,150; 600 bales, Shahdadpur, at Rs8,100; 400 bales, Mirpur Khas, at Rs8,100; 200 bales, Kotri, at Rs8,100; 200 bales, Khadro, at Rs8,150; 200 bales, Maqsoodo Rind, at Rs8,100; 200 bales, Nauabad, at Rs8,100; 200 bales, Shahpur Chakar, at Rs8,150; 200 bales, Khanewal, at Rs8,250; 400 bales, Mian Channu, at Rs8,300/8,450; 200 bales, Burewala, at Rs8,300; 400 bales, Chichawatni, at Rs8,400/8,500; and 200 bales, Vehari, at Rs8,450.

Published in Dawn, August 19th, 2018