KARACHI: Cotton prices on Saturday remained under pressure amid slow trading. Spinners and exporters changed their strategy after noting higher phutti (seed cotton) arrivals.
The erratic behaviour of world cotton markets coupled with prospects of harvesting better cotton crop this season over the last year forced buyers to take a respite.
Generally, the market remained devoid of activity as buyers kept to the sidelines due to which prices also seemed to have settled down after moving lower during last two sessions on report of higher phutti arrivals.
The Karachi Cotton Association left its spot rate unchanged. Major deals on the ready counter were: 2,000 bales from Khairpur (Rs5,950), 1,000 bales Saleh Pat (Rs6,025), 1,000 bales Rohri (Rs6,025), 600 bales Hasilpur (Rs6,125 to Rs6,175), 1,000 bales Khanpur (Rs6,200), 2,000 bales Bahawalpur (Rs6,175 to Rs6,200), 1,200 bales Rahimyar Khan (Rs6,175 to Rs6,200).
November 6th, 2016 DAWN News
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