As spinners at cotton market kept themselves from away, dull trading activity was witness on Thursday. Deals of as many as 2,700 maunds of phutti (seed cotton) took place in Umer Kot at Rs3,625, Kunri at Rs3,575, Degree at Rs3,550, Mirpur Khas at Rs3,525 and Badin at Rs3,600.
Major deals that changed hands on the ready counter were: 400 bales from Rahim Yar Khan at Rs7,000, 200 bales from Vehari at Rs6,875 and 200 bales from Mirpur Khas at Rs7,000 (new crop).
A cotton broker said that the expectations to produce 15 million cotton bales this year did not seem to be fulfilled as the sowing in tail areas has been badly affected due to the unavailability of irrigation water.
Although the government has yet to announce its target for new crop, it will be less than 15 million bales.
The Karachi Cotton Association left its spot rate unchanged Rs6,800 per maund. According to KCA, 100 bales of Mirpurkhas changed hands at Rs 6,475 per maund, 100 bales of Rahimyar Khan at Rs 6,700 per maund, 100 bales of upper Sindh at Rs 6,550 per maund and 200 bales of southern Punjab at Rs 6,750 per maund.
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