The cotton market in Pakistan on Tuesday witnessed fair trading activity on Tuesday. According to floor brokers, slump in cotton yarn market coupled with falling trend in world markets is keeping pre¬ssure on lint prices.
Other major factors affecting cotton prices are higher arrivals of phutti (seed cotton) but slow off-take of cotton from spinners and exporters.
According to market rep¬orts, the state-owned Trading Corporation of Pakistan (TCP) after doing sample verification continues to lift contracted cotton from ginners but at slow pace is hardly having an impact on lint prices.
However, the corporation has started cancelling all those contracts with ginners who failed to meet the 15-day delivery period
The following major deals were finalised on ready counter: 600 bales Shah¬dadpur at Rs3,600, 1,000 bales Haroonabad at Rs4,825, 2,000 bales Bah¬awalpur at Rs4,875-4,950, 2,400 bales Ahmedpur at Rs4,900-4,950, 1,000 bales Rajanpur at Rs4,950, 600 bales Muhammadpur De¬w¬an at Rs4,950, 1,000 bales Rahimyar Khan at Rs5,000, 1,400 bales Layyah at Rs4,950, 400 bales Fazilpur at Rs5,000 and 600 bales Mianwali at Rs5,100.
The spot rates remained uncha¬nged at previous level at the Karachi Cotton Asso¬ciation (KCA).
On global front, the New York cotton market opened the week on easy tone where all the future contracts closed with moderate losses.
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