KARACHI: The cotton market witnessed imp­roved buying activity on Wed­nes­day as many spinners rushed back to replenish their stocks anticipating an increase in exports following sharp devaluation of the rupee against dollar.

However, short supply of quality lint restricted activity, brokers said.

The surge in world cotton prices also influenced local trading as many spinners preferred to finalise deals at current prices.

Shortage of water in lower Sindh continues to hamper cotton sowing. Growers are complaining that if no immediate action is taken, the next crop will suffer badly.

Internationally, New York cotton closed around US two cents higher per lb while Indian cotton prices imp­roved by Rs100 to Rs400 per kg. Chinese market was also steady.

The KCA kept its spot rates firm at overnight level.

The following deals were reported to have changed hands on the ready counter: 200 bales, Mianwali, at Rs7,800; 200 bales, Fazilpur, at Rs7,800; 600 bales, Khan­pur, at Rs7,300; 600 bales, Haroonabad, at Rs6,600; 400 bales, Alipur East, at Rs6,600; and 400 bales, Noor­pur Nauranga, at Rs6,900.

Published in Dawn, March 22nd, 2018