Business

Pakistan: Cotton market steady

Steady conditions prevail in Pakistan’s cotton market as buyers picked up any sale offer that came their way. The tight seed cotton supply is keeping prices firm amid uncertain cotton production estimates for the current season. Floor brokers said that initial setback to cotton crop, due to heatwave in the Punjab and pest attack in some cotton growing belts in Sindh, is a cause of concern for millers and exporters.

On the global front, brokers said there is a growing concern that India may impose export duty on cotton and China which is the largest consumer of cotton in the world may opt for using official stocks instead of going for purchase from the world market. As a result, the world cotton market is erratic with prices moving within a narrow band.

The Karachi Cotton Association (KCA) spot rates finished higher by Rs 50 per 37.324 kg and activity on ready counter stood moderate. The following major deals reported on ready counter on Thursday: 1400 bales from station Shahdadpur done at Rs 6900 to Rs 6950, 600 bales from Tando Adam done at Rs 6900, 1000 bales from Sanghar done at Rs 6850 to Rs 6900, 2000 bales from Mirpurkhas done at Rs 6900, 1200 bales from Nawabshah done at Rs 6900 to Rs 6950, 4000 bales from Khairpur done at Rs 6950 to Rs 7000, 1000 bales from Burewala done at Rs 6900, 4400 bales from Haroonabad done at Rs 6900 to Rs 7000, 1200 bales from Bakhar done at Rs 6950, 2000 bales from Bahwal Nagar done at Rs 6950 to Rs 7000 and 800 bales from Chichawatni done at Rs 6950 to Rs 7000.