KARACHI: There was a sudden increase in trading volume on Friday as buyers rushed to replenish stocks with quality lots ahead of the fortnightly cotton production figures. Prices remained pegged at overnight level.

Market reports suggest there is a possibility that production could be shorter than in the same period last year.

On the global front, it is being said that US and China are quietly holding negotiations over the tariff war while the world markets eagerly await results. New York cotton slipped back after witnessing a surge in prices while Indian cotton moved higher by Rs100 per candy.

The Karachi Cotton Association (KCA) spot rates stood firm at overnight level at Rs8,800 per maund.

The following deals were reported to have changed hands on ready counter: 1,000 bales, station Rohri, at Rs8,600-8,925; 1,000 bales, Daharki, at Rs9,025-9,050; 1,000 bales, Ghotki, at Rs9,025-9,050; 6,000 bales, Rahim Yar Khan, at Rs9,000-9,025; 2,600 bales, Sadiqabad, at Rs9,000-9,025; 5,200 bales, Khanpur, at Rs9,000; 1,000 bales, Chak Munda, at Rs8,925; 600 bales, Burewala, at Rs8,575-8,600; 600 bales, Yazman, at Rs8,650; 800bales, Bahawalpur, at Rs8,600-8,650; and 400 bales, Fort Abbas, at Rs8,800.

Published in Dawn, November 17th, 2018