KARACHI: Improvement was witnessed on the cotton market on Friday where last two days’ buying interest further consolidated and prices also edged up.

The underlying sentiment was positive amidst demand coming from some big spinning groups. Imports are also being placed to meet the shortfall, brokers said.

The market received strength from reports that US-China trade negotiations are moving in a positive direction and hopefully settlement is expected to be reached soon. The world leading cotton markets recovered part of their recent losses with the New York cotton again moving above the low level of 70 cents per lb. The Chinese market remained mix to steady, so did the Indian cotton.

The Karachi Cotton Association spot rates, however, were unchanged at Rs8,600 per maund.

The following deals were reported to have changed hands on ready counter: 1,433 bales from Tando Adam were done at Rs5,200-8,600; 800 bales, Bucheri, at Rs7,800; 400 bales, Ghotki, at Rs8,850; 400 bales, Dherki, at Rs8,900; 8,070 bales, Khanpur, at Rs8,800; 200 bales, Shujabad, at Rs8,500 and 400 bales from Lodiran were done at Rs8,300.

Published in Dawn, February 16th, 2019