KARACHI: Spinners indulged in big-lot buying on cotton market on Thursday fearing likely floods following release of water by India may damage the crop in many parts of Punjab.

Also the phutti (seed-cotton) arrivals slowed down as Hindu women involved in cotton picking operations in Sindh were busy in celebrating their religious festival called Satam.

“Flash floods particularly in the kacha area of river Sutlej may damage the standing crop, which will have negative impact on the overall cotton production, brokers added.

The ongoing US-China war is having a negative impact on the world cotton trade and reports suggest that the textile industry of India and Pakistan is feeling the heat.

However, the leading world markets remained steady with New York cotton recovering overnigh losses for all future contracts.

However, the Karachi Cotton Association revised up its spot rates by Rs100 to Rs7,900 per maund.

The following deals were reported to have changed hands on the ready counter: 1,000 bales, Shahdadpur, at Rs7,750-7,800; 1,600 bales, Tando Adam, at Rs7,750-7,800; 1,800 bales, Sanghar, at Rs7,750-7,800; 1,400 bales, Nawabshah, at Rs7,850; 1,600 bales, Khanewal, at Rs8,200-8,300; 1,000 bales, Burewala, at Rs8,000-8,200; 1,200 bales, Haroonabad, at Rs8,000-8,200; 1,200 bales, Vehari, at Rs8,000-8,100, and 600 bales, Chichawatni, at Rs8,000-8,200.

Published in Dawn, August 23rd, 2019