KARACHI: The cotton market failed to expand trading activity on Tuesday as buyers remained focused on quality lint.
The world leading cotton markets also remained slow where almost all the markets closed easy.
It is feared that heavy rains in Sindh and Punjab could have extensively damaged the cotton crop causing production loss besides affecting the quality, brokers said.
The phutti (seed-cotton) arrivals from fields also slowed down due to rains and ginners were also reluctant to process the phutti due to exccessive moisture.
The Karachi Cotton Association kept its spot rates were unchanged at overnight level of Rs8,000 per maund.
The following deals were reported to have finalised on the ready counter: 1,000 bales, Shahdadpur, at Rs7,800 to Rs7,950; 1,400 bales, Sanghar, at Rs7,750 to Rs7,800; 1,400 bales, Nawabshah, at Rs7,850; 1,000 bales, Moongi Banghla, at Rs8,300; 800 bales, Burewala, at Rs8,300; 200 bales, Chichawatni, at Rs8,400; and 200 bales, Murid Wala, at Rs8,100.
1.3m lint bales produced
Meanwhile, the country produced 1.355 million bales of cotton up to Sept 1 of this season (2019-20), showed data released by the Pakistan Cotton Ginners’ Association (PCGA) on Tuesday.
Cotton production in Punjab stood at 375,813 bales and in Sindh at 979,897 bales. However, the PCGA stated that data was not collected during the corresponding period last year.
Around 28,558 bales were lying unsold in Punjab from the new season and 21,838 bales in Sindh. In total 178,002 unsold bales are presently with ginners.
Source: The Dawn, Pakistan Wednesday, 04 September 2019