KARACHI: Brisk activity was witnessed on the cotton market on Saturday as leading textile spinners indulged in big lot deals to cover their positions.

At the outset there was strong demand for quality cotton which is in short supply. However, cotton prices remained stable.

According to reports huge cotton stocks held by ginners are fast depleting as strong demand continues to flow in from big spinners who were earlier hoping to import the commodity from India.

The world leading cotton markets also closed firm with New York cotton gaining for all future contracts. Indian and Chinese cotton also closed higher.

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

Trading on ready counter was highly active and following major deals were reported to have changed hands: 2,400 bales, station Khairpur, at Rs8,100-8,150; 1,000 bales, Sadiqabad, at Rs8,800; 1,400 bales, Rahim Yar Khan, at Rs8,800; 3,000 bales, Khanpur, at Rs8,750; 1,000 bales, Lodhran, at Rs8,700; 1,000 bales, Noorpur Nauranga, at Rs8,575; 1,000 bales, Hasilpur, at Rs8,775; 600 bales, Ahmedpur East, at Rs8,000; 1,000 bales, Bahawalpur, at Rs8,575; and 3,000 bales, various stations, at Rs7,800-8,200.

Published in Dawn, March 10th, 2019