Pakistan News

Cotton prices steady amid brisk buying

Cotton prices steady amid brisk buying

KARACHI: Steady conditions prevailed on the cotton market on Wednesday where activity remained fairly brisk ahead of long closure on account of Ashura.

Floor brokers said that many mills were active in replenishing their stocks to meet their near future demand. Major cities have already started witnessing a slowdown in commercial activity ahead of Ashura, they added.

After the announcement of a relief package by the government, the textile industry by and large has started its normal operations and is booking cotton for its spinning units, brokers added.

The last two days steep fall in lint prices in the backdrop of higher arrivals of phutti (seed cotton), however, came to a halt as prices generally remained stable at overnight level, even on ready counter where fairly high activity was noted.

The world cotton market revived after New York cotton market managed to recover part of the last two day’s losses.

The Karachi Cotton Association (KCA) left its spot rates unchanged. Major deals on ready counter were: 1000 bales from Sanghar done at Rs4850, 2000 bales Khairpur at Rs5400 to Rs5450, 1000 bales Rohri at Rs5450 to Rs5500, 1000 bales Saleh Pat at Rs5450 to Rs5250, 600 bales Fazilpur at Rs5550, 1000 bales Ahmedpur at Rs5500 to Rs5600, 800 bales Layyah at Rs5500 to Rs5600, 1000 bales Rajanpur at Rs5500 to Rs5600,1000 bales Dera Ghazi Khan at Rs5500 to Rs5600 and 500 bales For Abbas at Rs5500.

Published in Dawn, October 22nd, 2015

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