Cotton prices flat
KARACHI, Aug 18: Cotton prices ended unchanged on Saturday from previous day’s close in dull volume due to the upcoming Eidul Fitr holidays but brokers said activity is likely to pick up tomorrow.
The Karachi Cotton Association maintained its spot price at Rs5,955 per maund. In Sindh, cotton was trading around Rs5,800 to Rs5,850 and cotton seed prices were at Rs2,600 to Rs2,650 per 40 kg. In Punjab bales of cotton were exchanged at Rs5,850 to Rs5,900 while cotton seeds at Rs2,600 to Rs2,700 per 40kg.
Brokers said Punjab cotton belt received light rain this week which resulted in lower arrival of phutti, however it is beneficial for the crop and Sindh cotton belt needs rain.
The New York cotton prices rose almost one per cent as the market continued to recover from the recent sell-off after the US government’s bearish supply-and-demand report.
The following transactions were recorded on the ready counter on Saturday:
1,000 bales, Shahdadput at Rs5,850 to Rs5,900, 1,000 bales, Tandoadam Rs5,850 to Rs5,900, 2,000 bales, Mirpurkhas at Rs5,850 to Rs5,900 and 1,000 bales Hyderabad at Rs5,850 to Rs5,900.