Despite demand for quality lint from spinners, trading was slow as ginners were reluctant to sell their stocks at this juncture which kept prices firm on the cotton market on Thursday. Expected delay in the arrival of next crop is another reason which is keeping prices higher, brokers said.
Floor brokers said that the final phutti (seed cotton) arrival figures expected to be released next month could place total cotton production for the current season at around 14.9 million bales.
Most deals finalised on ready counter were above Rs5,000 per maund but the activity could not pick up. The Karachi Cotton Association (KCA) unexpectedly reduced its spot rates by Rs50 per maund to Rs5,250.
The following are Thursdayâ€™s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16â€ micronair value between 3.8 to 4.9 NCL.
The deals reported to have changed hands on ready counter: 400 bales from Dhaki done at Rs5,000, 200 bales Vehari at Rs4,700, 100 bales Multan at Rs5,200, 200 bales Shujabad at Rs5,200, 400 bales Yazman Mandi at Rs5,400 and 400 bales Rahimyar Khan at Rs5,450.
On global front, the world cotton market including New York cotton remained under pressure as most future contracts ended with fresh losses.
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