Trading activity on the cotton market expands on Wednesday with increasing flow of phutti (seed cotton) which will also improve the supply of quality lint. However, short supply against higher demand kept prices steady.
Phutti arrivals from Sindh continue to be higher due to early maturing of crop, therefore much of trading was noted in this variety.However, supplies from Punjab were also improving.
The Punjab phutti variety was being quoted about Rs600 higher over its Sindh counterpart that has higher moisture content. There are growing fears that in case the Punjab government does not take timely measures, pest attack could cause massive damage to the crop.
The Karachi Cotton Association (KCA) left its spot rates unchanged at the overnight level. While, at Karachi Cotton Exchange, active trading was witnessed on Wednesday with spot rate remaining unchanged at Rs6,350/maund (37.324 kilogramme) and Rs6,802/40kg. Ex-Karachi rates also remained firm at Rs6,495/maund and Rs6,960 a 40kg after addition of Rs145 and Rs155 as upcountry expenses, respectively.
The Karachi cotton market recorded nine transactions on Wednesday of around 5,000 bales at a price of Rs. 6,350 to Rs6,700 per manud. Of which 600 bales were traded from Sanghar, at Rs6,350; 400 bales, Hyderabad, at Rs6,350; 1,600 bales, Tando Adam, at Rs6,350 to Rs6,375; 1,000 bales, Shahdadpur, at Rs6,350 to Rs6,375; 400 bales, Sinjoro, at Rs6,350 to Rs6,375; 200 bales, Burewala, at Rs6,700; 100 bales, Gojra, at Rs6,700; 100 bales, Chichawatni, at Rs6,700; and 200 bales, Haroonabad, at Rs6,700.
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