KARACHI: The cotton market on Wednesday witnessed selective trading in quality cotton from spinners and exporters. However, ginners were keen to hold back their stocks expecting price hike.

Floor brokers said that reports of larger crop size than official estimates continue to depress lint prices. The phutti (seed cotton) arrivals up to Dec 15 have recorded cotton production at around 13 million bales.

Ever since second picking of cotton has started, spinners and exporters are in a hurry to replenish their stocks with quality lint.

The gruesome killing of schoolchildren in Peshawar kept sentiment low and depressed, with most city markets remaining largely closed due to thin attendance and lack of trading interest.

The world cotton markets also remained devoid of activity and prices generally remained under pressure. The New York cotton market closed easy for all the future contracts.

The Karachi Cotton Association (KCA), however, raised its spot rates by Rs50, to Rs4,700 per maund.

The following major deals were finalised on ready counter: 600 bales Bahawa­lnagar at Rs4,650-4,700, 1,600 bales Bahaw­alpur at Rs4,750-4,800, 1,000 bales Ahmedpur at Rs4,750-4,800, 1,000 bales Dera Ghazi Khan at Rs4,800-4,850, 1,000 bales Alipur at Rs4,800-4,850, 1,000 bales Layyah at Rs4,850, 1,000 bales Liaqu­atpur at Rs4,850-4,950, 4,000 bales Khanpur at Rs4,850-5,000, 2,000 bales Sadiqabad at Rs4,850-5,000, 2,000 bales Rahimyar Khan at Rs4,850-5,000 and 1,000 bales Mianwali at Rs4,900.

Published in Dawn December 18th , 2014