As both spinners and ginners remained cautious amid short supply, the cotton market on Wednesday stayed firm. While at the Karachi Cotton Exchange on Wednesday, no transaction was recorded. Spot rates also remained unchanged at Rs6,650/maund (37.324kg) and Rs7,127/40kg.
Ex-Karachi rates also remained firm at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
Major deals that changed hands on the ready counter were: 200 bales from Rahim Yar Khan at Rs6,900 per maund (around 37 kilograms), 200 bales from Shahdadpur at Rs6,550, 200 bales from Mirpur Khas at Rs6,525 and 200 bales from Tando Adam at Rs6,600.
The price of phutti was Rs3,300 in Badin, Rs3,350 in Degree, Rs3,275 in Umerkot, Rs3,300 in Dharo and Rs3,325 in Tando Ghulam Muhammad.
According to cotton experts, market was not gaining momentum due to the absence of major textile players and fewer arrivals of phutti (seed cotton) in the market.
The situation would become clear after any major group entered the market. At present, medium and small mills are active in the market, but they are making cautious deals.
The arrival of cotton has further decreased due to rains in cotton areas. Cotton picking, which started at small level in Punjab, has been completely stopped due to rains.
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