KARACHI: The lifting of contracted cotton bales by the Trading Corporation of Pakistan (TCP) at officially fixed high price failed to induce cotton prices while moderate business activities were witnessed in the market.
The TCP intervention also failed to kindle hope for a good future outlook.
However, a little increase of Rs20-25 per 40kg was witnessed in the prices of Phutti (seed cotton) for quality premium.
The New York cotton market for second straight session recovered where all the future contracts recorded fresh gains.
The Karachi Cotton Association (KCA) spot rates were steady at previous level.
The following major deals were finalised on ready counter: 1,200 bales Khairpur at Rs4,675, 1,400 bales upper Sindh at Rs4,850 to Rs4,975, 1,400 bales Haroonabad at Rs4,900 to Rs4,960, 2,000 bales Bahawalpur at Rs4,950 to Rs5,000, 4,000 bales Ahmedpur at Rs4,975 to Rs5,000, 1,000 bales Alipur at Rs5,000, 2,000 bales Liaquatpur at Rs5,000 to Rs5,050, 1,200 bales Sadiqabad at Rs5,050, 600 bales Mianwali at Rs5,075 to Rs5,100, and 400 bales Mian Channu at Rs4,900.
