Dull trading was witnessed on the cotton market on Friday as ginners were reluctant to sell lint cotton at prevailing prices. According to brokers, dwindling cotton stocks, particularly of quality lint, are a major factor for slow trading. As the current season is approaching to an end, the cotton stocks in the country have declined below 250,000 bales.
The official spot rate was unchanged at Rs 5300, dealers said. So, in the ready session, around 2,000 bales of cotton changed hands between Rs 4900 and Rs 5500 (conditional).
The sustained demand from the industry is keeping cotton prices on the higher side. The expected delay in the arrival of next cotton crop because of late sowing is a cause of concern for spinners who are striving to build their stocks.
Many spinners adopted a wait-and-see attitude, but some of them made urgent deals to meet their urgent demand.
Following deals were reported on ready counter: 1,000 bales from station Tando Adam done at Rs4,900, 400 bales from Moro (conditional) done at Rs5,500 and 400 bales from Chichawatni done at Rs5,300.
The Karachi Cotton Association (KCA) spot rates remained steady at overnight level.
The following are Friday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16†micronair value between 3.8 to 4.9 NCL.
On global front, the New York cotton market for the second consecutive sessions closed easy where all the future contracts ended with fresh falls.
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