Trading Picks Up Momentum On Cotton Market

Trading Picks Up Momentum On Cotton Market
Improved flow of phutti (seed cotton) allowed trading activity to expand on the cotton market on Wednesday.
However, short supply against higher demand kept prices steady. There was strong indication that with increasing flow of phutti, the supply of quality lint will also improve. 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 which 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.
The following deals were reported on Wednesday: 600 bales, 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.