KARACHI: Strong demand for Sindh variety amid slow phutti arrivals kept prices firm on the cotton market on Wednesday.
The quality conscious buyers kept buying Sindh variety cotton to meet their near future demand.
According to floor brokers, the recent rains had a good impact on the standing crop which was adversely affected by the high temperature in Punjab. Therefore, it is likely that the cotton crop will achieve its normal growth and full flowering and help the country to achieve the target fixed for current season, they added.
Due to strong demand for Sindh variety cotton, the phutti (seed cotton) prices rose to Rs3,100 to Rs3,150 per 40kg. Most of the cotton deals were quoted at around Rs6,800 per maund.
The Syrian crisis, however, continued to overshadow global trade where New York cotton remained under pressure and all the future contracts finished with losses, dealers said.
Cotton analysts said that huge cotton stocks held by China could play major role in market once China decides to use them domestically or go for buying from current season crop.
The Karachi Cotton Association (KCA) kept its spot rates unchanged as trading on the ready counter was moderate to active.
The following deals were reported to have changed hands on Wednesday: 1000 bales, Shahdadpur at Rs6,800, 1000 bales, Tando Adam, at Rs6,800, 1000 bales, Sanghar, at Rs6,800, 1,200 bales, Mirpurkhas, at Rs6,800,1,000 bales, Nawabshah, at Rs6,800, 400 bales, Hasilpur, at Rs6,700 to Rs6,750, 400 bales, Haroonabad, at Rs6,700, 400 bales, Burewala, at Rs6,650 to Rs6,800, 400 bales, Kakkhar, at Rs6,650 to Rs6,800, 400 bales, Bahawalpur, at Rs6,675 to Rs6,700 and 400 bales, Bahawal Nagar, at Rs6,700.
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