KARACHI: Amid slow trading on Monday, the cotton market maintained week-end price level since no major development took place which could have impacted sentiment.
The expected announcement of mini-budget by the government kept trading activity restricted.
Though cotton prices remained steady, phutti (seed cotton) rates slightly moved up. Normally, prices of both cotton and phutti move in cohesion.
According to brokers, increased arrival of phutti should have depressed prices but instead the rates moved up. Sindh variety phutti was quoted between Rs3,800 to Rs4,000, Punjab quality in the range of Rs3,600 to Rs3,850; and Balochistan phutti between Rs3,900 to Rs4,100 per 40 kg.