Cotton prices witnessed stability after recording correction for last two consecutive sessions at Pakistan cotton market. There was lack of trading activity happening on Friday; only a few small lot transactions by some needy mills took place.
The following deals were reported to have changed hands on ready counter: 1,860 bales, Fazilpur, at Rs7100; 1,000 bales, Haroonabad, at Rs6,900 to Rs7,000; 400 bales, Hasilpur, at Rs6,900; 400 bales, Faqirwali, at Rs6,950; 400 bales, Fort Abbas, at Rs6,950; 400 bales, Shahdadpur, at Rs6,100; 400 bales, Sanghar, at Rs6,700; 200 bales, Mian Channu, at Rs6,800; 200 bales, Dharanwala, at Rs6,850; and 200 bales, Yazman Mandi, at Rs6,850.
Floor brokers said that leading spinners who have started receiving their booked cotton from India seem to be no more interested in purchasing local cotton. Therefore, only small millers with limited recourses are meeting their cotton demand from the domestic market.
There is growing concern about the size of cotton crop because sudden slowdown in phutti (seed cotton) arrivals during the ongoing third picking indicates that very little crop has been left in cotton fields.
The Karachi Cotton Association (KCA) left its spot rates unchanged at overnight level and trading on ready counter was slow and restricted.
On global front, the world cotton markets, however, remained firm where New York cotton moved higher for the third straight session and Indian cotton also stood firm.
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