KARACHI: Cotton prices moved lower on Wednesday in line with global trend where leading markets recorded fresh losses for a second straight session on conflicting reports about consumption and production.
The activity also slowed down as spinners seem to be marking time to know the latest phutti (seed cotton) arrival figures due on Thursday. The spinners’ body took serious note of reports that the government would not allow duty-free cotton imports.
As a result, there was slow activity and even at falling prices spinners remained to the sidelines which indicated that global market trend of cotton prices was heavily influencing domestic market. It was also disturbing that the International Cotton Advisory Council has estimated that Pakistan annually incurs losses to the tune of $400 million on account of contamination in cotton. The Karachi Cotton Association cut its spot rates by Rs50, to Rs5,900 per maund.
Major deals on the ready counter were: 800 bales from Tando Adam (Rs5,550 to Rs5,600), 2,000 bales Khairpur (Rs6,000), 800 bales Rohri (Rs6,075), 400 bales Saleh Pat (Rs6,100), 600 bales Mianwali (Rs6,050 to Rs6,100), 1,000 bales Haroonabad (Rs6,100), 600 bales Vehari (Rs6,125 to Rs6,150), 600 bales Fort Abbas (Rs6,150), 600 bales Fazilpur (Rs6,150) and 600 bales Khanewal (Rs6,225).
