KARACHI: Sustained buying from spinners and exporters kept lint prices steady on the cotton market on Wednesday. The underlying sentiment also remained firm.

Exporters have shown keen interest in building up their stocks in the light of recent depreciation in rupee value against the dollar. The improved export parity also encouraged cotton yarn exports.

Floor brokers said that sizeable export orders for cotton yarn are reported to have been received by spinners and this was motivating millers to replenish raw cotton stocks.

The New Cotton market also moved higher where all future contracts recorded fresh gains.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level The following major deals were reported to have transpired on the ready counter: 3,200 bales from station Shahdadpur done at Rs5,600, 2,400 bales from Tando Adam at Rs5,600, 1,000 bales from Hyderabad Rs5,600, 2,400 bales from Mirpurkhas Rs5,600, 3,000 bales from Sanghar Rs5,600, 1,200 bales from Burewala Rs5,675 to Rs5,700, 1,400 bales form Haroonabad Rs5,700, 1,200 bales from Khanewal Rs5,750.

Published in Dawn, August 28th, 2014