KARACHI: Revival of buying interest at the lower level helped cotton prices on Monday to regain part of the losses suffered last week. Many spinners rushed to replenish their stocks ahead of long Eid holidays.

Trading was firm from the outset and as the session progressed buyers moved in to build the stocks to meet their requirement, brokers said.

The world cotton market also firmed up after remaining under pressure during entire last week.

Most spot deals were finalised at higher rates ranging between Rs50 and Rs100 per maund. The sudden revival of buying interest from spinner induced sentiment, brokers said.

The Karachi Cotton Association (KCA) also raised its spot rates by Rs50, to Rs5,100 per maund.

The following major deals were reported to have changed hands on ready counter: 1,000 bales Khairpur at Rs5,300, 1,000 bales Upper Sindh at Rs5,300, 1,200 bales Hasilpur at Rs5,300, 800 bales Sanghar at Rs5,050 to Rs5,100, 600 bales Burewala at Rs5,300, 800 bales Haroonabad at Rs5,325, 1,400 bales Chichawatni at Rs5,325, 400 bales Kasowal at Rs5,325 and 400 bales Mianwali at Rs5,375.

Published in Dawn, September 30th , 2014