Cotton prices steady amid slow buyingArchive
KARACHI: The cotton market remained steady on Wednesday as small lot deals kept pouring in from some needy spinners and exporters.
Floor brokers said that currently the world cotton economy is depressed despite expected short crop from major cotton-producing countries. According to some estimates, there is a shortage of over 100 million bales at present.
However, some cotton analysts believe that demand for cotton could surge in March or April next year when the cotton season would be coming to an end all over the world.
The KCA spot rates remained unchanged at overnight level.
The New York cotton market along with other world cotton markets remained easy and all the future contracts finished with fresh falls.
Major deals on ready counter included: 400 bales from Tando Adam done at Rs4300, 400 bales Saleh Pat at Rs5375, 400 bales Rohri at Rs5450, 200 bales Dharki at Rs5600, 400 bales Yazman Mandi at Rs5300, 600 bales Mianwali at Rs5525, 2800 bales Tonsa Sharif at Rs5550, 400 bales Rahimyar Khan at Rs5600, 600 bales Khanpur at Rs5600 and 400 bales Sadiqabad at Rs5600.
Published in Dawn, December 24th, 2015