KARACHI: Renewed buying interest was witnessed on the cotton market on Friday. Trade was originated by spinners who rushed to replenish their stocks to meet near future demand. The undertone was firm and the outlook uncertain.

Activity remained selective with spinners focusing on quality cotton, which is running in short supply. Some deals were done in new crop cotton but it was not officially reported, said brokers.

Ginners holding a sizable quantity of cotton from the current season (2016-17) were eager to dispose off their stocks but slackness in demand for cotton over the last several weeks is worrisome for them, brokers added.

The world leading cotton markets gave mixed trend with New York coming under profit selling and Chinese and Indian market slightly recovering recent losses. The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 200 bales from Sadiqabad at Rs6,900, 1,900 bales from Rahim Yar Khan at Rs6,925 and 400 bales from Ahmedpur at Rs6,970.

Published in Dawn, May 27th, 2017