Brisk buying continues as quality cotton supply improves

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KARACHI: Aggressive buying continued on the cotton market on Wednesday amid improved supply of quality lint as spinners rushed to cover up their positions ahead of Eidul Azha. Strong demand for Sindh variety pushed up its prices as flow of phutti (seed-cotton) also increased. Brokers said its low price compared to its Punjab counterpart was a major factor which attracted buyers.

Reports from the cotton field indicate that there are some signs of pest attack particularly of Whitefly but this is still at a smaller scale.

Experts have urged the agriculture departments to immediately go for spraying and guiding growers before the attack intensifies.

The world’s leading cotton markets were steady. New York cotton, after gaining a day earlier, came under profit selling and closed easy.

The Karachi Cotton Association (KCA) kept its spot rates steady at overnight level.

The following deals were reported on Wednesday: 800 bales, Mirpurkhas, at Rs6,500; 2,000 bales, Sanghar, at Rs6,500; 1,600 bales, Hyderabad, at Rs6,500; 3,200 bales, Shah­dadpur, at Rs6,500; 2,800 bales, Tando Adam, at Rs6,500; 1,000 bales, Bure­wala, at Rs6,700; 800 bales, Haroonabad, at Rs6,700; 100 bales, Sahiwal, at Rs6,700; 300 bales, Vehari, at Rs6,700; and 200 bales, Chichawatni, at Rs6,700.

Published in Dawn, August 10th, 2017

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