KARACHI: The cotton market on Saturday re­­mained steady amid slow buying from textile spinners. However, panicky ginners eagerly wanted to dispose off their stocks at the earliest.

Shortage of quality cotton kept trading activity restricted as textile mills were keen to get hold of premium lint. However, some textile units comprised over cotton quality.

According to reports, huge quantity of low quality phutti (seed cotton) is available in Punjab but ginners are not ready to purchase it fearing losses in case no buyers turn up.

By and large cotton prices remained steady with some needy spinners booking quality lots. Signs of recovery are being seen in the textile sector and there is hope that the cotton economy will revive as a whole, brokers said.

On the global front, contradictory statements with regards to US-China trade talks kept creating uncertainty in markets. Latest reports that China is agreeing to enhance imports of agriculture produce from US were taken as a positive sign.

Cotton prices for Sindh variety ranged between Rs7,400-9,100, for Punjab quality between Rs8,000-9,100 and Balochistan rates were Rs7,600-8,700 per maund.

Similarly, phutti (seed cotton) prices for Sindh stood at Rs2,800-4,050 and Punjab at Rs2,800-4,100 per 40kg. Phutti in Baloch­istan as finished due to short crop.

The world leading cotton markets gave mixed to easy trend with New York cotton came under renewed pressure. Indian and Chinese markets also closed easy to mix.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,750 per maund.

The following deals were reported to have transpired on ready counter: 400 bales, station Mirpur Mathelo, at Rs8,800; 1,400 bales, Saleh Pat, at Rs8,200-8,300; 3,000 bales, Khairpur, at Rs7,850-8,200; 1,000 bales, Sadiqa­bad, at Rs9,300 (seed); 1,200 bales, Rahim Yar Khan, at Rs8,900-9,300; 1,200 bales, Khanpur, at Rs8,850-8,900; and 200 bales, Hasilpur, at Rs8,300.

Published in Dawn, December 15th, 2019