KARACHI: The trading activity on cotton market slightly improved on Saturday as many textile mills replenish their stocks to meet their immediate needs.
Lint prices stayed steady amid aggressive buying by spinners, brokers said. According to them, crop size this season will not be more than 12-12.25 million bales.
Cotton price in Sindh was Rs7,750-7,650 per maund whereas in Punjab it stood at Rs7,900-8,000 per maund.
Phutti with high moisture from Sindh was selling at Rs3,000-3,300 per 40kg whereas its Punjab counterpart was available at Rs3,500-3,800 per 40kg. Globally, sales of new US cotton crop picked up after Agriculture Department reported a bumper crop while Indian and Chinese markets also closed higher. The Karachi Cotton Association’s spot rates were steady at Rs7,750 per maund.
The following deals changed hands on the ready counter: 1,400 bales, Tando Adam, at Rs7,700-7,750; 1000 bales, Shahdadpur, at Rs7,700-7,750; 1000 bales, Sanghar, at Rs7,600-7,700; 800 bales, Sinjoro, at Rs7,675-7,700; 800 bales, Shahpur Chakkar, at Rs7,650-7,700; 1200 bales, Burewala, at Rs7,950-8,000, 400 bales, Haroonabad, at Rs8000, 800 bales, Moongi Bangl, at Rs7,950 and 200 bales, Chichawatni, at Rs7,950.
Published in Dawn, August 18th, 2019
