KARACHI: The trading pattern on cotton market on Wednesday did not much change from the previous day which kept lint prices pegged to overnight level.

The sluggish performance of the world’s leading cotton markets continued to impact the domestic market. Almost all the leading cotton markets are currently performing under pressure, with the New York Cotton Exchange, early in the day, witnessing a mild recovery but, at the end, closing easy. The Indian and Chinese cotton markets remained easy.

It is surprising that at the season’s peak, trading activity has been declining and this strongly indicates that the textile industry has taken a cautious approach in accumulating their stocks.

However, phutti (seed-cotton) prices were steady which indicates that the current pressure on cotton prices is temporary and would be over once the global cotton markets stabilise.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,650 per maund.

The following deals were reported to have changed hands on the ready counter: 400 bales, Shahdadpur, at Rs8,500; 400 bales, Nawabshah, at Rs8,300; 2,000 bales, Khairpur Mirus, at Rs8,600; 1,000 bales, Saleh Pat, at Rs8,750 to Rs8,800; 1,400 bales, Rohri, at Rs8,700; 3,000 bales, Rahimyar Khan, at Rs8,850 to Rs8,950; 3,000 bales, Sadiqabad, at Rs8,900 to Rs8,950; 600 bales, M. P. Dewan, at Rs8,750; 2,200 bales, Yazman, at Rs8,650; 1,400 bales, Bahawalpur, at Rs8,650; 2,200 bales, Haroonabad, at Rs8,500 to Rs8,550; 400 bales, Chistian, at Rs8,500; 600 bales, Faqeerwali, at Rs8,500, and 600 bales, Vehari, at Rs8,424 to Rs8,475.

Published in Dawn, November 1st, 2018