KARACHI: Trading resumed on overnight firm note on Thursday as buyers continued to cover up their positions with quality cotton. However, ginners have adopted a cautious approach in front of sustained demand coming from leading textile spinners.

Market reports suggest there is higher cotton yarn off-take in domestic market as the value-added textile sector has stepped up its buying anticipating higher exports.

Meanwhile, at the Agriculture Research Committee meeting in Multan, Pakistan Central Cotton Committee (PCCC) Director Research Dr Tasawur Hussain Malik said that 93 new cotton varieties, including 85 Bt and eight non-Bt varieties, would undergo national coordinated varietal trials all over the country to assess their production capability and fibre qualities.

According to reports coming from cotton fields, sowing for new crop is going on smoothly. However, lower Sindh area — where sowing began earlier — is facing shortage of irrigation water. The world leading cotton market gave mixed trend with New York cotton closing lower and Chinese market was firm.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level at Rs8,800 per maund.

The following deals were reported to have transpired on ready counter: 1,400 bales, station Mirpur Mathelo, at Rs8,950; 600 bales, Rahim Yar Khan, at Rs8,950-9,100; 600 bales, Sadiqabad, at Rs9,000; 600 bales, Dera Ghazi Khan, at Rs8,700; 2,000 bales, Bahawalpur, at Rs8,175-8,275; and 1,400 bales, Fort Abbas, at Rs8,175.

Published in Dawn, April 12th, 2019