KARACHI: Strong demand for quality cotton coupled with rising trend in international prices resulted in brisk activity on the cotton market on Wednesday, with rates moving up slightly.
Leading textile spinners indulged in large- to medium-sized lots to cover their positions for near future demand. However, much of the activity remained concentrated around quality cotton.
Issues arising on import of cotton — particularly delay in bank payments against consignments — and rising dollar value against the rupee kept leading textile spinning groups busy in covering their positions.
Ginners, who in recent past were reluctant to dispose off their cotton stocks at lower prices, are now getting better prices.
The world leading cotton markets also remained on rising trend as New York cotton market moved higher for all future contracts. A similar situation existed in Chinese and Indian cotton markets with rates moving up.
The following deals were reported to have changed hands on ready counter: 400 bales, station Ghotki, at Rs8,800; 600 bales, Khairpur Mirus, at Rs8,400; 400 bales, Sakrand, at Rs8,450; 400 bales, Kotri, at Rs8,400; 1,200 bales, Rahim Yar Khan, at Rs8,800; 600 bales, Chani Goth, at Rs8,750; 800 bales, Ahmedpur East, at Rs8,100-8,200; 1,000 bales, Bahawalpur, at Rs8,000; 800 bales, Faqirwali, at Rs7,800; and 400 bales, Bahawalnagar, at Rs7,550.
Source: The Dawn, Pakistan Thursday, 28 March 2019