Lack of buying interest kept cotton prices under pressure

YarnsandFibers News Bureau 2014-02-05 15:15:00 – Karachi

Cotton prices at the Pakistan cotton market remained under pressure for second straight session on Tuesday due to lack of buying interest. However, some millers lifted small lot deals at falling prices.

Meanwhile, with very little phutti (seed cotton) left in the fields the availability of quality lint is getting tight. This is another major factor behind listless conditions on the cotton market.

Brokers said that around 200,000 to 300,000 bales would further add up in total production during the remaining cotton season, but they would be mostly of low quality.

Though Karachi Cotton Association (KCA) spot rates were steady at previous level but most of the spot deals were transpired at lower rates.

The following major deals were reported to have changed hands on ready counter: 200 bales, Fort Abbas, at Rs6,950; 200 bales, Faqirwali, at Rs6,950; 200 bales, Haroonabad, at Rs6,950; 400 bales, Yazman Mandi, at Rs7,000; 600 bales, Alipur, at Rs7,000; 200 bales, Ahmedpur, at Rs7,050; 400 bales, Mianwali, at Rs7,050; and 200 bales, Khanewal, at Rs7,100.

On the global front, Indian cotton market also remained under pressure because of slow demand as a result of brisk export activity witnessed last month. While, the world cotton markets including New York cotton also remained under pressure where all the future contracts ended with fresh falls.

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