By admin       2018-09-17

KARACHI: Cotton prices for the second day remained under pressure in line with the world’s leading markets on Friday. Most of the deals on the ready counter were quoted below overnight prices. The trading volume declined as spinners indulged in smaller deals and selective buying with a focus on quality lint only. The undertone was easy and underlying sentiment uncertain. A steep fall in New York cotton prices following US Department of Agriculture’s report showing lower cotton exports during the week depressed the market sentiment. All the future contracts on New York cotton market ended with fresh losses. The Indian cotton prices came down between Rs200-400 per candy (356 kg). According to reports, India expects to produce around 30.65 million bales this season and export around 6.5m bales. The Karachi Cotton Association (KCA) kept its spot rates at overnight level. The following deals were reported to have changed hands on the ready counter: 2,000 bales, from station Shahdadpur, done at Rs8,175 to Rs8,225; 1,800 bales, Tando Adam, at Rs8,185 to Rs8,250; 2,000 bales, Sanghar, at Rs8,175 to Rs8,200; 3,000 bales, Nawabshah, at Rs8,200 to Rs8,250; 1,600 bales, Saleh Pat, at Rs8,300 to Rs8,400; 1,400 bales, Rohri, at Rs8,300 to Rs8,350; 1,600 bales, Khairpur, at Rs8,375; 400 bales, Fazilpur, at Rs8,300 to Rs8,350; 400 bales, Ahmed Pur East, at Rs8,375; 600 bales, Burewala, at Rs8,275 to Rs8,350; 400 bales, Vehari, at Rs8,250 to Rs8,300 and 400 bales, from Haroonabad, were done at Rs8,275.

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