KARACHI: Revival of buying interest helped cotton market on Friday to experience some activity which otherwise remained extremely slow and restricted.

Due to stepped up activity, the cotton prices also perked up amid reports that many textile spinning units have lost hope of getting cotton from India under the given circumstances.

However, there were reports that due to mounting tension, trade with India has also come to a standstill, giving some space to local yarn market which witnessed some buying for fine count yarn from value-added textile sector.

According to market reports, around 0.8 million bales’ orders were placed with Indian exporters for cotton, of which 0.7m bales have already arrived, but a balance of 0.1m cotton bales are currently stuck up in India.

Meanwhile, ginners, holding substantial quantity of unsold cotton, are also keen to dispose off their stocks, fearing loss in case situation worsens between Pakistan and India. The Karachi Cotton Association remained firm at Rs8,600 per maund.

Trading on ready counter was fairly active where couple of big deals highlighted trading: 400 bales from Ghotki were done at Rs8,850; 5,000 bales, Rahimyar Khan, at Rs8,800; 400 bales, Faqeer Wali, at Rs7,800; 800 bales, Haroonabad, at Rs7,300-7,400 and 4,600 bales from Exporter to mill were done at Rs8,550-8,600.

Published in Dawn, March 2nd, 2019