Cotton prices remained steady on Friday in consideration with global trend where Indian and New York cotton markets moved higher amid strong demand and tight supply position.
There were rumors in the market that phutti (seed cotton) arrival figures due today (Saturday) are expected to show tight supply situation which may further push cotton prices higher.
Floor brokers said that only phutti stocks lying with growers are finding their way to ginners.
The Karachi Cotton Association (KCA) spot rates were steady at overnight level and trading on ready counter was moderate to active.
The following major deals were reported to have changed hands on ready counter: 600 bales, Lodhran at Rs7,000; 400 bales, Yazman at Rs7,000; 200 bales Chishtian at Rs7,000; 200 bales, Duniyapur at Rs7,000; 400 bales, Hasilpur at Rs7,000; 600 bales, Fort Abbas at Rs7,000; 200 bales, Khichiwala at Rs7,000: 200 bales, Multan at Rs7,000; 5,000 bales, Rasoolpur at Rs7,150; 600 bales, Khanpur at Rs7,150; and 1,400, Rahim Yar Khan at Rs7,200.
At the global level, China is still supplying cotton to domestic spinning industry from its huge buffer stocks though has entered the world market to meet its cotton yarn shortfall. Cotton analysts believe that once China enters world cotton market it will further push prices higher.
However, they added that in immediate future there are no prospects that China would start buying cotton from world market and will continue to meet its demand from local stocks.
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