By admin       2018-08-03

KARACHI: There was a reversal of situation on the cotton market on Thursday as trading activity declined and prices rebounded by up to Rs200 per maund. The rising trend of last four days — in line with upward adjustment in the rupee value against dollar — suddenly stopped on conflicting reports of slow phutti (seed cotton) arrival and oversold position of ginners. There was strong demand for cotton from spinners but ginners were not ready to into deals due to the above mentioned reasons. According to reports, the cotton flowers are blooming properly while the bolls are not opening fully — signs that the plants have not matured fully and would be unable to give quality lint. The supply of phutti — which should have been picked up by now in Punjab — is still slow which is hindering cotton supply. However, other reports suggest that many ginners have oversold position and are now reluctant to enter into fresh deals. Phutti prices also rebounded after witnessing downward trend during the last four days. Sindh variety phutti was being quoted at Rs4,100 to Rs4,300 and Punjab quality at Rs3,700 to Rs4,200 per 40kg. The world cotton markets gave mixed trend with New York cotton closing easy and Chinese market were steady. The following deals were reported to have changed hands on ready counter: 1,000 bales, Shahdadpur, at Rs9,000 to Rs9,100; 1,200 bales, Tando Adam, at Rs9,000 to Rs9,125; 200 bales, Burewala, at Rs9,000; 200 bales, Chichawatni, at Rs8,850; and 400 bales, Haroonabad, at Rs8,850 to Rs9,000.

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