Cotton prices steady

KARACHI: Prices stayed firm on the cotton market on Tuesday as spinners intensified buying of quality lint available in abundance thanks to higher phutti arrivals into ginneries.

There was a strong feeling that the quality of cotton would deteriorate after the completion of first phutti picking operations. Hence, spinners rushed to build up their stocks at the prevailing rates, brokers said.

The world markets remained mixed with slow demand for Indian cotton kept prices under pressure. The Pakistani spinners were marking time and want to see cotton prices in India to fall below 70 cents per lb, brokers said.

Meanwhile, textile industry was demanding an incentive package to help increase exports which had recorded over 7 per cent decline during first quarter of this fiscal year, brokers said.

The Karachi Cotton Association (KCA) maintained its spot rates at the overnight level.

The following major deals were reported to have transpired on the ready counter: 3,000 bales, Khairpur, at Rs5,975 to Rs5,985, 2,600 bales, Rohri, at Rs5,950 to Rs6,000, 2,400 bales, Saleh Pat, at Rs5,950 to Rs6,000, 1,000 bales, Mirpur Mathilo, at Rs6,175 to Rs6,200, 3,000 bales, Mianwali, at Rs5,900 to Rs5,950, 1,000 bales, Hasilpur, at Rs6,100 to Rs6,175, 3,000 bales, Sadiqabad, at Rs6,150 to Rs6,200, 4,000 bales, Rahimyar Khan, at Rs6,175 to Rs6,200 and 1,000 bales, Bahawalpur, at Rs6,175 to Rs6,200.

Published in Dawn November 9th, 2016