KARACHI: Brisk activity was witnessed on the cotton market on Thursday as leading spinners continued to book big lot deals. Smooth supply of quality cotton encouraged many textile mills to replenish their stocks at higher level.
As the flow of new cotton (2019-20) gained momentum, many needy textile mills willingly booked big lot deals to build up their stocks at current low prices.
Government departments are projecting cotton output at 15 million bales which was the wish of the Prime Minister Imran Khan but ground realities were not very encouraging, a leading broker said.
“Much needed measures including cotton cultivation on much large area of land, supply of quality seed and pesticides are hardly being ensured,” he added.
The world leading cotton markets including New York cotton were firm on sustained buying and higher export figures.
The Karachi Cotton Association (KCA) spot rates were firm at Rs8,400 per maund.
The following deals were reported to have changed hands on ready counter: 1,600 bales, station Tando Adam, at Rs8,400-8,475; 1,200 bales, Sanghar, at Rs8,400-8,475; 600 bales, Shahdadpur, at Rs8,450; 400 bales, Sinjhoro, at Rs8,425-8,475; 800bales, Mirpurkhas, at Rs8,425; 800 bales, Kotri, at Rs8,400; 600 bales, Hyderabad, at Rs8,400-8,450; 600 bales, Chichawatni, at Rs8,550-8,600; 700 bales, Mian Channu, at Rs8,550-8,600; and 400 bales, Samundri, at Rs8,600.
Published in Dawn, July 12th, 2019