KARACHI: Cotton prices remained steady — above the Rs9,000 mark — amid slow activity on Friday. Spinners and millers are marking time till the new government is formed.
Almost all markets are currently moving slow and investors have suspended or restricted their activities for the time being.
Slow arrival of phutti (seed cotton) from Punjab – where rains are hindering picking — is another factor for poor activity. As a result most of the trading was done in Sindh variety cotton. Brokers believe that once the political situation gets clear, the overall economic activity is expected to pick up.
Renewed spell of rains in Sindh has also slowed down phutti arrival but many ginners have substantial stocks to fall back on. Meanwhile, spinners and ginners are unhappy about high rates of the commodity which is making the trade unviable.
The world leading cotton markets were steady with New York and Chinese markets closed firm. Indian cotton remained on the higher side but closed steady.
The Karachi Cotton Association (KCA) spot rates were firm at overnight level.
The following deals were reported to have changed hands on ready counter: 1,400 bales, station Tando Adam, at Rs9,000 to Rs9,100; 400 bales, Hyderabad, at Rs9,000; 800 bales, Shahdadpur, at Rs9,000 to Rs9,100; 600 bales, Sanghar, at Rs9,000, 200 bales, Khadro, at Rs9,100; 400 bales, Sinjhoro, at Rs9,100; 400 bales, Burewala, at Rs9,100 to Rs9,200; 200 bales, Chichawatni, at Rs9,150; and 200 bales, Vehari, at Rs9,200.
Source: The Dawn, Pakistan Saturday, 11 August 2018