KARACHI: Renewed buying interest from leading textile spinners helped cotton market witness brisk activity on Monday.

The revival of trading in world leading cotton markets also induced sentiment. Cotton prices in international markets moved up amid higher trading volume, brokers said.

The local industry is waiting for some positive measures from the government which will reduce the cost of doing business, they added.

The slow off-take of cotton yarn in domestic and world markets is a big issue presently confronting spinners who are currently faced with huge unsold stocks. This has also squeezed the cotton economy of much needed liquidity.

According to reports, Indian cotton closed higher by Rs300 per candy on strong demand emerging from industry. Similarly, New York and Chinese cotton also recorded gains.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,800 per maund.

The following deals were reported to have changed hands on ready counter: 1,600 bales, station Khairpur Mirus, at Rs8,500-8,650; 1,400 bales, Saleh Pat, at Rs8,650-8,750; 1,600 bales, Ghotki, at Rs9,000-9,100; 1,000 bales, Mirpur Mathelo, at Rs9000; 1,000 bales, Daharki, at Rs9,000-9,100; 2,000 bales, Rahim Yar Khan, at Rs9,000-9,100; 1,600 bales, Sadiqabad, at Rs9,000; 1,000 bales, Rajanpur, at Rs9,000; 1,000 bales, Fazilpur, at Rs9,000; 1,600 bales, Khanewal, at Rs8,300-8,350; 1,400 bales, Hasilpur, at Rs8,300; 1,200 bales, Bahawalnagar, at Rs8,300; and 600 bales, Fort Abbas, at Rs8,300.

Published in Dawn, December 11th, 2018