KARACHI, Oct 22: Cotton market witnessed hectic activity for the second consecutive session on Tuesday where leading spinners and exporters remained busy in buying quality lint.
However, cotton prices were steady due to firm phutti (seed cotton) rates which were quoted at Rs3,100 per 40 kg for the Punjab variety. While poor quality of phutti was being quoted at around Rs2,200 per 40kg in Sindh therefore, fetching less price for cotton.
According to the floor brokers, the attack of pink bollworm and traces of virus in cotton plants in lower Sindh are major cause of extensive damage to the standing crop.
The delay in release of fortnightly phutti arrival report by the Pakistan Cotton Ginners Association (PCGA) has opened up rumours mill while keeping varied opinions in different segments of cotton trade. The PCGA has postponed the release of out-going fortnightly (Oct 1 to 15) report and will be clubbing the two reports for the release in the first week of next month, brokers said.
Meanwhile, hopes have been pined by textile sector on the visit of big textile delegation from Pakistan to China which is presently attending yarn trade fair. If delegation members succeed in booking huge yarn export contracts it will help spinning industry to make huge profits.
The world cotton markets remained mixed where New York cotton ended on divergent trend as couple of future contracts made modest gains against majority registering fresh fall. The Karachi Cotton Association (KCA) spot rates remained firm at previous level but trading on ready counter remained brisk.
The following major transactions were reported to have transpired on Tuesday: 1,000 bales, Khairpur at Rs7,000, 1,000 bales, upper Sindh at Rs6,950 to Rs6,975, 2,000 bales, Hasilpur at Rs6,900 to Rs6,975, 1400 bales, upper Sindh at Rs7,000, 1,000 bales, Maroot at Rs6,925,1,200 bales, Bahawalpur at Rs6,950, 1,400 bales, Ahmedpur at Rs6,950, 3,600 bales, Haroonabad at Rs6,975 to Rs7,000, 2,400 bales, Uch Sharif at Rs7,025, 1,800 bales, Khanewal at Rs7,000 to Rs7,050, 1,000 bales, Sadiqabad at Rs7,050, 1,000 bales, Rahimyar Khan at Rs7,050 and 2,400 bales, Mianwali at Rs7,100