KARACHI: Revival of buying interest helped cotton market record brisk activity on Tuesday.

As ginners lowered their bid prices, many leading textile spinners readily replenished their stocks to meet their immediate needs. Buyers opted for quality lint which is running in short supply.

According to brokers, after many years a cotton season would end without carry forward stocks. Currently less than 0.5 million bales from the ongoing 2018-19 season are lying with ginners while industry still needs a substantial quantity of cotton.

Meanwhile, cotton sowing in Sindh and Punjab is going on smoothly with no negative news.

The world leading cotton markets including New York and China closed easy. Indian cotton market remained closed on account of holiday.

The Karachi Cotton Association (KCA) spot rates were also lowered by Rs50 to Rs8,950 per maund.

The following deals transpired on ready counter: 1,000 bales, station Khanpur, at Rs8,900-9,100; 3,000 bales, Khanpur, at Rs9,200 (conditional); 400 bales, Rahim Yar Khan, at Rs8,900; 400 bales, Ahmedpur East 8,600; 1,000 bales, Noorpur Nauranga, at Rs8,600; 400 bales, Alipur, at Rs8,850; 800 bales, Liaquatpur, at Rs8,850; and 511 bales, Khanewal, at Rs8,400.

Published in Dawn, May 1st, 2019