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KARACHI: The cotton market witnessed frenzied buying on Tuesday as spinners rushed to replenish their stocks at higher level fearing delay in new crop arrival and costly imports.

At the outset there was buying from leading millers who picked up quality lots. However, short supply of quality restricted trading, brokers said.

Meanwhile, a meeting was arranged in Islamabad between cotton economy stakeholders to consider fixing support price for phutti (seed cotton) between Rs3,500-4,000 per 40kg.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,850 per maund.

The following deals were reported to have changed hands on ready counter: 2,000 bales, station Ghotki, at Rs9,000; 1,000 bales, Sadiqabad, at 9,000; 1,600 bales, Khanewal, at Rs7,500-9,000; 1,800 bales, Rahim Yar Khan, at Rs8,900-8,950; 1,400 bales, Dera Ghazi Khan, at Rs8,900; 2,600 bales, Haroonabad, at Rs8,600; 1,400 bales, Bahawalpur, at Rs8,500; 2,077 bales, Lodhran, at Rs8,400; and 1,000 bales, Rajanpur, at Rs9,000.

Published in Dawn, April 24th, 2019