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Cotton prices steady amid slow trading

Cotton prices steady amid slow trading

KARACHI: Cotton prices remained steady amid slow trading as ginners were mostly reluctant to sell their limited stocks on Tuesday.

Floor brokers said spinners also showed less interest in building up stocks ahead of Ramazan. However, some needy mills were seen active covering their near future demand, but they too restricted their activity due to short supply of quality lint.

There are fears that storm and heavy rains in parts of cotton growing belts in Sindh and Punjab may damage the standing crop, ultimately affecting the size of cotton crop for 2015-16 season, brokers said.

The Karachi Cotton Association (KCA) spot rates were unchanged.

The following deals were finalised on ready counter: 400 bales from Gojra done at Rs4625, 400 bales Mian Channu at Rs5450, 1000 bales Sadiqabad at Rs5600, 2000 bales Rahimyar Khan at Rs5600 to Rs5675 and 2000 bales Khanpur at Rs5600 and 5750.

The world cotton market also remained under pressure where New York cotton market finished lower for all the future contracts.

Published in Dawn, June 3rd, 2015

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