Active buying interest was seen for quality cotton as spinners fear there would be acute shortage of cotton in coming weeks when phutti arrival starts to slow down. The cotton market on Monday witnessed steady conditions prevailing as intermittent buying orders helped lint prices stay firm at week-end level. However, it was interesting to note that all selling offers were readily picked up by spinners.
Even trading at lower level could not bring down cotton prices as phutti (seed cotton) prices remained on the higher side. Buyers and sellers both are currently marking time in order to know the latest cotton production figures which are due in a couple of days.
According to unofficial estimates, although cotton production could be high at 10.25-10.30 million bales as against 10m bales produced last year, the issue of quality would remain a cause of concern. However, it is too early to know the exact quantum of damage to cotton crop at this stage.
There was high demand for cotton from spinners who are presently having good market for cotton in domestic and Chinese markets. The fabric off-take is also reported to be somewhat encouraging.
At the Karachi Cotton Association (KCA) spot rates remained pegged at week-end level.
The following deals reported to have changed hands on ready counter were: 1,000 bales, Ghotki, at Rs6,500; 1,000 bales, Daharki, at Rs6,475; 1,600 bales, Khairpur, at Rs6,450 to Rs6,500; 800 bales, Rahimyar Khan, at Rs6,400 to Rs6,450; 1,600 bales, Rajanpur, at Rs6,400 to Rs6,450; 2,000 bales, Fazilpur, at Rs6,425; 800 bales, Ahmedpur East, at Rs6,350; 1,200 bales, Fort Abbas, at Rs6,225; 400 bales, DG Khan, at Rs6,400; 400 bales, Ghazi Ghat, at Rs6,400; and 400 bales, Mongi Bangla, at Rs6,200.
Meanwhile in India, the state of Gujarat last week increased support price for phutti. Indian ginners have been agitating after this move as they feel it will push cotton prices up and the local textile industry would prefer to purchase cotton from other Indian states.
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