KARACHI: Brisk buying activity witnessed on the cotton market on Tuesday as spinners picked all lots offered by ginners at slightly lower prices.It was encouraging that yarn market was also supportive because of higher off-take from value-added sector. The 7.7 per cent growth in textile exports to $9.9 billion in the first nine months of this fiscal year also induced sentiment. Fall in the rupee value also made the country’s exports cheaper.

The Punjab government plans to give Rs700 subsidy on cotton-seed and provincial agriculture department has fixed next cotton crop target at 10 million bales for which a strategy has been also evolved to support growers.

The Karachi Cotton Asso­ciation (KCA) kept its spot rates steady at Rs7,500 per maund.

The following deals were reported to have changed hands on the ready counter: 400 bales, Pano Aqil, at Rs7,400; 400 bales, Rahimyar Khan, at Rs7,800; 400 bales, Khanpur, at Rs7,775; 1,000 bales, Shujabad, at Rs7,600; 1,000 bales, Liaquatpur, at Rs7,725; 500 bales, Multan, at Rs6,600 to Rs6,800; 1,100 bales, Jalalpur, at Rs6,600; 400 bales, Fort Abbas, at Rs6,450; and 600 bales, Bahawalnagar, at Rs6,300.

Published in Dawn, April 25th, 2018