KARACHI: Renewed buying interest was witnessed on the cotton market on Wednesday, but lint prices generally remained steady.

There was no apparent reason for sudden revival of buying interest, except that two leading spinners moved into the trading ring to replenish their stocks, brokers said.

Many small spinners also actively participated in the proceedings and were eager to book maximum quantity of cotton, but most of them returned disappointed due to short supply.

The leading world cotton markets also remained steady, with the New York market recovering overnight losses cause by profit-selling. The Chinese and India cotton also stood firm.

Meanwhile, the Federal Cotton Committee is meeting on Monday in Islamabad to evaluate the size of next cotton crop (2017-18) and area under cultivation.

The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 1,682 bales from Karachi at Ra6,400 to Rs6,900 per maund (around 37 kilograms), 200 bales from Haroonabad at Rs6,800, 200 bales from Faqirwali at Rs6,800, 200 bales from Fort Abbas at Rs6,800, 175 bales from Dorga Bonga at Rs6,850, 785 bales from Khanpur at Rs6,900, 1,700 bales from Mian Channu at Rs6,930 and 4,124 bales from Sadiqabad at Rs6,925 to Rs7,000.

Published in Dawn, March 2nd, 2017