KARACHI: The cotton market witnessed active ­buying from spinners and exporters in anticipation of the mini-budget, which was announced late the evening on Wednesday.

The last several days’ stalemate in trading activity came to an end on renewed buying interest triggered by rumours that the mini-budget would bring relief to trade and industry, brokers said.

However, activity remained confined as only small textile spinners were seen active in the trading ring who also indulged only in short-term covering. The leading textile spinners seem to be now depending on imported cotton.

It is true that the current cotton crop size is very short. Presently, third and last picking is going on and this was another factor that trading had slowed down considerably, brokers said.

The world leading cotton markets including New York cotton, China and Indian remained dull amid slow trading and prices also remained under pressure.

The Karachi Cotton Association spot rates were firm at overnight level at Rs8,700 per maund.

The following deals were reported to have changed hands on ready counter: 200 bales from Ghotki were done at Rs8,000; 2,000 bales, Rohri, at Rs8,200-8,430; 5,600 bales, Saleh Pat, at Rs8,200-8,400; 3,300 bales, Shujabad, at Rs8,700-8,900; 1,200 bales, Lodhran, at Rs8,700-8,800 and 400 bales from Khanewal were done at Rs8,400.

Published in Dawn, January 24th, 2019