KARACHI: Cotton prices on Friday soared to Rs7,000 per maund amidst hectic buying by spinners. However, slow arrival of phutti (seed cotton) restricted the trading volume.

The issue of lint quality is aggravating with each passing day and this is directly impacting cotton production, brokers said.

The cotton crop in Punjab is currently under tremendous pressure, after having faced heat wave earlier on and now the fog. The extent of damage is evident fromthe last phutti arrival figures which recorded sudden drop.

Increase in phutti rates strongly indicate that large quantity of unpicked cotton left behind in the fields is not of good quality.

According to latest market report, price of Sindh quality phutti was being quoted in the range of Rs2,700-3,350 per 40kg and Punjab variety between Rs2,900-3,450 per 40 kg.

The All Pakistan Textile Mills Association has approached the government on the rising cotton crisis and demanded that corrective measures be taken atthe earliest so that textile industry doesnot suffer.

The world leading cotton markets gave mixed trend, with Indian cotton closed steady. New York and Chinese cotton remained mixed.

The Karachi Cotton Association (KCA), however, kept their spot rates fixed at overnight level.

The following major deals were reported to have changed hands on ready counter: 1,000 bales, Shahdadpur, at Rs6,000 to Rs6,200; 2,000 bales, Sanghar, at Rs6,000 to Rs6,200; 1,000 bales, Shahpur Chakar, at Rs6,000; 1,600 bales, Daharki, at Rs7,000; 1,200 bales, Ghotki, at Rs6,900 to Rs7,000; 1,000, Saleh Pat, at Rs6,750; 1,600bales, Rohri, at Rs6,500 to Rs6,700; 1,000 bales, Khairpur, at Rs6,550 to Rs6,600; 3,000 bales, Khanpur, at Rs6,900 to Rs7,000; 1,800 bales, Rahimyar Khan, at Rs6,900 to Rs7,000; 1,600 bales, Sadigabad, at Rs6,900 to Rs7,000; and 1,600 bales, Mianwali, at Rs6,700.