MULTAN: Panic buying was witnessed on the cotton market on Wednesday as spinners tried to stock up ahead of Eidul Fitr.

Cotton experts said major deals that took place were of old cotton stock. It is being expected that the old stock would be cleared shortly after Eid.

Market sources said active buyers were demanding delivery of old stock before Eid holidays while that of new crop right after Eid. Shortage of transportation due to Eid is a major issue being faced by many buyers.

Some needy spinners have also contacted other mills for the purchase of imported cotton.

Phutti (seed cotton) prices in Sanghar were at Rs4,000; Kunri at Rs3,950; Shahdadpur at Rs4,075; Badin at Rs4,000; Thatha at Rs4,050; and Hasilpur at Rs4,075. Arrival of as many as 1,200 maund of phutti was reported from Sindh and 100 maund from Punjab.

The Karachi Cotton Association kept its spot rate unchanged at Rs7,600.

The following deals were reported to have changed hands on ready counter: 400 bales, Rahim Yar Khan at Rs8,000; 400 bales, Taunsa Sharif at Rs7,000; 800 bales, Khanewal, at Rs6,650-7,000; 600 bales, Kabirwala, at Rs6,650-7,300; 600 bales, Khanpur, at Rs7,600; 200 bales, Sahiwal, at Rs6,100 and 716 bales, Liaquatpur, at Rs7,200.

Published in Dawn, June 14th, 2018