Source: dawn.com

The Newspaper's Staff Reporter

March 08, 2018

KARACHI: The cotton market remained devoid of activity on Wednesday due to short supply of quality lint. Only needy spinners booked small lot deals to meet their immediate needs. Dwindling stocks with ginners are resulting in short supply of quality cotton. However, lint price remained steady and firm in line with world cotton markets.

High prices in New York cotton attracted some profit selling which pushed prices lower by US2 to 2.5 cents per lb. However, the quoted rates still remained above the mark of US83.84 cents per lb. The domestic market is currently facing shortage of quality cotton which is also affecting trade volume.

Spinners are currently engaged in clearing the lint they imported earlier on. Phutti (seed cotton) prices were steady and quoted between Rs2,400 to Rs2,600 per maund for Sindh variety and Rs2,600 to Rs3,100 per maund for Punjab quality.

According to market reports, around 0.7 million bales are there for sale in the domestic market. There are fears that around 0.2m bales from this stock would be carried forward to the next season.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs7,100 per maund.

The following deals were reported to havse changed hands on ready counter: 400 bales, Jalalpur, at Rs7,150; 600 bales, Yazman, at Rs7,100; 200 bales, Layyah, at Rs7,000; and 400 bales, Haroonabad, at Rs6,300. (Source: dawn.com)