Higher arrivals of phutti (seed cotton) coupled with slow demand for cotton yarn kept spinners to the sidelines. While prices moved lower on the cotton market yesterday in Pakistan.
Lint prices are coming under more pressure with phutti arrivals gaining momentum with each passing day. On ready trading prices dropped by Rs150 to Rs200 per maund, brokers said.
The crop in both Sindh and Punjab is presently in healthy condition. However, cotton analysts believe that due to high moisture in the cotton fields caused by floods, growers will have to be more careful, particularly about pest attack.
The Karachi Cotton Association (KCA) cut its spot rates for second consecutive session, by Rs100 to Rs5,350 per maund.
The following major deals changed hands on ready counter: 2,000 bales Mirpurkhas at Rs5,250 to Rs5,350, 2,000 bales Shahdadpur at Rs5,300 to Rs5,400, 2,000 bales Tando Adam at Rs5,300 to Rs5,400, 3,000 bales Sanghar at Rs5,300 to Rs5,400, 2,000 bales Nawabshah at Rs5,400 to Rs5,450, 1,800 bales Khairpur at Rs5,400 to Rs5,500, 400 bales Chichawatni at Rs5,350, 600 bales Chishtian at Rs5,350 to Rs5,375, 600 bales Arifwala at Rs5,375, 600 bales Rajanpur at Rs5,400, 1,000 bales Burewala at Rs5,400 to Rs5,525 and 800 bales Khanewal at Rs5,450 to Rs5,500.
The following are Tuesdayâ€™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.
Meanwhile, world cotton markets also remained easy where New York plunged by more than two cents per pound for almost all future contracts.
Already slackness in cotton demand was seen world over due to restricted buying from China hurting the cotton trade. Moreover, China has further cut its import quota which is likely to affect the cotton markets.
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