Slow to moderate trading was witnessed on Monday at the cotton market with prices remaining firm. Though there was sustained demand from spinners for cotton but slow flow of phutti (seed cotton) from fields into ginneries restricted activity.
The new spell of rain expected from next week concerns cotton trade as it may affect the crop in its current growing stage, brokers said.
However, so far the cotton crop is remained safe and sowing also went smoothly on slightly larger area thus strongly indicating that crop size would be larger than last year.
The world cotton production is also being placed on a larger output and India is also expecting to produce a bumper crop this year. Consequently, the global outlook is bright and prices are currently steady.
At the Karachi Cotton Association, spot rate remained steady at weekend level. The following deals reported to have changed hands on the ready counter were: 400 bales from Sanghar was done at Rs6,250; 600 bales, Mirpurkhas, at Rs6,250; 400 bales, Hyderabad, at Rs6,250 and 600 bales, Tando Adam, at Rs6,250.
While, at Karachi Cotton Exchange slow trading was recorded on Monday and spot rate remained unchanged at Rs6,100/maund (37.324kg) and Rs6,537/40kg. Ex-Karachi rates also stood firm at Rs6,235/maund and Rs6,682/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
Four transactions were recorded of 2,000 bales from Sindh crop only at a price of Rs6,250/maund.
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