Cotton prices remained steady amid routine active trading

The cotton market kept prices steady on Tuesday with the fresh buying interest at lower level, where some needy spinners moved in to reload their stocks.

Small millers who are mostly dependent on local supplies are disappointed with the shortage of quality lint. Most millers were keen to build upon their cotton stocks at current prices as hopes that the flow of phutti (seed cotton) would improve are fading.

Floor brokers said that big spinners have already imported around 1.7 million bales, but small spinners with cash flow problem are largely dependent on domestic supplies.

The Karachi Cotton Association (KCA) spot rates were unchanged at previous level and trading on ready counter was fairly active.

The following deals were transpired on ready counter: 2,346 bales, station Obharo, at Rs7,125; 1,000 bales, Hasilpur, at Rs6,850; 1,000 bales, Maroot, at Rs6,900; 1,400 bales, Rahimyar Khan, at Rs7,000 to Rs7,150; 400 bales, Fazilpur, at Rs7,100; 400 bales, Sadiqabad, at Rs7,150; and 600 bales, Rohri, at Rs6,875 to Rs6,900.

On the global front, mixed trend was seen where Chinese markets were steady amid routine trading. In India with the Indian rupees strengthened agains the dollar, the cotton market witnessed pressure.