As both spinners and ginners remained cautious amid short supply, the cotton market stayed firm. While at the Karachi Cotton Exchange, no transaction was recorded. Spot rates also remained unchanged at Rs. 6,650/ maund (37.324kg) and Rs. 7,127/40kg. Ex Karachi rates also remained firm at Rs. 6,785/maund and Rs. 7,272/40kg after an addition of Rs. 135 and Rs 145 as upcountry expenses, respectively. Major deals that changed hands on the ready counter were: 200 bales from Rahim Yar Khan at Rs. 6,900 per maund (around 37 kg), 200 bales from Shahdadpur at Rs. 6,550, 200 bales from Mirpur Khas at Rs. 6,525 and 200 bales from Tando Adam at Rs. 6,600.
The price of phutti was Rs. 3,300 in Badin, Rs. 3,350 in Degree, Rs. 3,275 in Umerkot, Rs. 3,300 in Dharo and Rs. 3,325 in Tando Ghulam Muhammad. According to cotton experts, market was not gaining momentum due to the absence of major textile players and fewer arrivals of phutti (seed cotton) in the market. The situation would become clear after any major group entered the market. At present, medium and small mills are active in the market, but they are making cautious deals.The arrival of cotton has further decreased due to rains in cotton areas. Cotton picking, which started at small level in Punjab, has been completely stopped due to rains.