KARACHI: Trading activity improved on the cotton market on Tuesday as renewed buying interest from some needy textile spinners emerged towards closing stages.

Reports of violation of airspace by Indian air force jets over line of control in Azad Kashmir did not deter trading. Shortage of quality cotton forced many spinners to rush and replenish their stocks.

Another factor which pulled buyers into the trading ring was spinners facing cotton shortage as there is no hope of importing cotton from India due to mounting tension between the two countries.

Large number of buying orders were placed by Pakistani traders with Indian cotton exporters to meet the 3.5-4 million bales shortage.

The Karachi Cotton Association spot rates were firm at overnight level at Rs8,600 per maund.

The following deals were reported to have changed hands on ready counter: 3,200 bales from Rahimyar Khan were done at Rs8,000-8,600; 1,000 bales, Shujabad, at Rs7,200; 1,000 bales, Chowk Mundra, at Rs7,500; 400 bales, Rajanpur, at Rs8,875; 530 bales, Pul Bagar, at Rs8,425; 800 bales, Sadiqabad, at Rs8,750; 200 bales, Bahawalpur, at Rs7,650 and 1,400 bales from Alipur were done at Rs8,600.

Published in Dawn, February 27th, 2019