KARACHI: Renewed buying interest on Thursday helped cotton prices to stabilise at overnight level as needy spinners looked for quality lint to meet the seasonal demand.

With the current season fast coming to an end, erratic behavior is being witnessed in the market owing to limited availability of cotton stocks with ginners.

Short supply of quality cotton remains a major issue. However, improved flow of irrigation water has raised hopes for better crop.

The world leading cotton markets stood firm under the lead of New York cotton. The Indian and Chinese markets were also steady.

Meanwhile, the Cotton Committee of India (CCI) has estimated that the country would be producing around 36 million bales. This translates into a likely exportable surplus between 6-7m bales for the current season.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level.

The following deals were reported to have materialised on the ready counter: 600 bales, Ghotki, at Rs7,475; 6,000 bales, Rahimyar Khan, at Rs7,500; 400 bales, Khanewal, at Rs7,800; and 200 bales, Layyah, at Rs6,950.

Published in Dawn, April 13th, 2018