KARACHI: Lower cotton production estimates given by the Cotton Crop Assessment Committee (CCAC) failed to influence trading on Thursday as prices rather moved lower in line with the world trend.
During the first half of the session prices moved lower in the range of Rs50 to R100 on ready trading, brokers said.
However, sustained buying from some needy spinners helped avert major setback as prices started to stabilise towards the closing stages for quality lint. Ideally prices should have risen after lower cotton production estimates given by the CCAC but slow off-take of yarn was reported to have depressed sentiment.
Another factor for sluggish performance by the cotton market was reported to be Muharram as spinners preferred to defer their future deals for some time, brokers added.
Also Read: Cotton spot rates decline by Rs400
The Karachi Cotton Association (KCA) revised its spot rates downwards by Rs100 to Rs8,200 per maund.
The following major deals were reported to have changed hands on ready counter: 2,000 bales, station Sanghar, at Rs8,200-8,375; 2,000 bales, Tando Adam, at Rs8,200-8,300; 3,000 bales, Shahdadpur, at Rs8,200-8,300; 1,000 bales, Mirpurkhas, at Rs8,175-8,200; 3,000 bales, Nawabshah, at Rs8,225-8,300; 1,400 bales, Hyderabad, at Rs8,200-8,300; 1,000 bales, Saleh Pat, at Rs8,350; 1,000 bales, Rohri, at Rs8,350; 2,600 bales, Khairpur, at Rs8,275-8,325; 600 bales, Burewala, at Rs8,350-8,375; 400 bales, Haroonabad, at Rs8,350; 400 bales, Khanewal, at Rs8,400-8,500; 200 bales, Lodhran, at Rs8,400; 200 bales, Rajanpur, at Rs8,460; 400 bales, Sahiwal, at Rs8,400; and 200 bales, Vehari, at Rs8,300.
(This news/article originally appeared in DAWN on September 14th, 2018)