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Cotton prices steady amid sustained buying

Cotton prices steady amid sustained buying

KARACHI: The cotton market remained steady on Tuesday amid sustained buying from spinners ahead of long Eidul Azha holidays and shortage of transport on being diverted for the haulage of sacrificial animals.

Floor brokers said lint prices remained firm and steady as bouts of buying and selling from ginners and spinners kept pouring in throughout the session. However, the Karachi Cotton Association (KCA) cut its spot rates by Rs50 per maund, to Rs4550.

Most deals changed hands were quoted at overnight prices. The short cotton crop is another factor which is forcing many spinners to replenish their stocks.




However, the cotton yarn market is reported to be sluggish and exports are also not encouraging. Even then, a section of the spinning industry is not ready to take risk and actively remained engaged in buying spree.

The following major deals were reported to have changed hands on ready counter: 2400 bales from Sanghar done at Rs4600 to Rs4625, 2000 bales Tando Adam at Rs4625 to Rs4650, 2200 bales Shahdadpur at Rs4625 to Rs4650, 1200 bales Mirpurkhas at Rs4625 to Rs4650, 1400 bales Haroonabad at Rs4650 to Rs4675, 800 bales Chishtian at Rs4650 to Rs4675, 1000 bales Vehari at Rs4650 to Rs4675, 2000 bales Burewala at Rs4657 to Rs4700, 1000 bales Chichawatni at Rs4700, 2000 bales Khanewal at Rs4700 and 600 bales Fazilpur at Rs4700.

Published in Dawn, September 9th, 2015

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