KARACHI: Buying activity intensified on the cotton market on Wednesday as leading spinners entered the trading ring in the hope of getting quality cotton to meet fine count yarn demand.

Positive developments on the global front pushed cotton prices higher. The New York cotton market led the upward movement and closed higher by around 1.5 cents per lb.

As a result, Indian cotton rose by Rs200per candy (356kg) and Chinese markets also closed higher in sympathy with New York cotton.

However, concerns were expressed by industry over reports that the government, in order to meet the IMF conditions for getting $12 billion fund support, is going to enhance gas and power rates by around 25 per cent.

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

The following deals were reported to have tarspired: 1,400 bales from Dherki were done at Rs8,800; 1,200 bales, Ghotki, at Rs8,750; 400 bales, Mirpur Mathelo, at Rs8,800; 600 bales, Akri, at Rs8,250; 3,200 bales, Rahimyar Khan, at Rs8,800; 800 bales, Shahar Sultan, a Rs8,800; 1,200 bales, Lodhran, at Rs8,550; 600 bales, Khanewal, at Rs8,375; 800 bales, Hasilpur, at Rs8,000-8,150 and 400 bales from Fort Abbas were done at Rs7,300.

Published in Dawn, March 7th, 2019