KARACHI: Renewed buying interest at the lower level on Monday helped cotton prices to regain part of last week’s losses.

The confusion over cotton crop size seems to have settled down but buyers still preferred to play safe.

Although trading volume remained low owing to limited buying interest, prices rebounded by Rs100 per maund. The official spot rates were also raised by Rs100 to Rs6,500 per maund.

The underlying sentiment was firm and outlook bright as spinners remained focused on quality cotton.

The recent spell of rains is reported to have brightened the prospects of a good cotton crop which has already suffered a heat wave, smog and fog.

The textile industry is still keen on importing cotton. Spinners are equally busy buying cotton from domestic and foreign markets.

According to market estimates, the next fortnightly phutti (seed cotton) arrival would decide crop size. The outgoing fortnightly arrival figures could not depict a true picture as heavy smog and fog inhibited phutti movement from fields into ginning factories.

The world leading cotton markets remained firm under the lead of New York cotton which was influenced by higher exports. The Chinese and Indian cotton was also steady.

The following major deals were reported to have chan­­ged hands on ready counter: 1,600 bales, Khair­pur, at Rs6,350 to Rs6,400; 1,000 bales, Saleh Pat, at Rs6,500; 1,000 bales, Rohri, at Rs6,500; 1,200 bales, Rahim­­yar Khan, at Rs6,800; 600 bales, Yazman, at Rs6,600; 600 bales, Doulat Pur, at Rs6,200; 400 bales, Alipur, at Rs6,800; 800 bales, Sadiqabad, at Rs6,800; 200 bales, Dera Ghazi Khan, at Rs6,800; 600 bales, Bure­wala, at Rs6,500; and 200 bales, Taunsa, at Rs6,800.

Published in Dawn, November 21st, 2017