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Commodities: Cotton prices steady on sustained demand

Commodities: Cotton prices steady on sustained demand

KARACHI: Cotton prices remained firm in the midst of slow to moderate trading on Monday. The day was marked with reports that some picking of cotton has started in Punjab.

Though there was sustained demand from spinners for cotton but slow flow of phutti (seed cotton) from fields into ginneries restricted activity. The New York Cotton Exchange also remained steady.

The new spell of rain expected from next week concerns cotton trade as it may affect the crop in its current growing stage, brokers said.

However, so far the cotton crop is remained safe and sowing also went smoothly on slightly larger area thus strongly indicating that crop size would be larger than last year, brokers added.

The world cotton production is also being placed on a larger output and India is also expecting to produce a bumper crop this year. Consequently, the global outlook is bright and prices are currently steady.

The Karachi Cotton Association kept its spot rates steady at weekend level. The following deals were reported to have changed hands on the ready counter: 400 bales from Sanghar was done at Rs6,250; 600 bales, Mirpurkhas, at Rs6,250; 400 bales, Hyderabad, at Rs6,250 and 600 bales, Tando Adam, at Rs6,250.

Published in Dawn, July 11th, 2017

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