KARACHI: The cotton market stayed bullish on Thursday on panic buying amid fears of short crop which kept spinners on their toe.

After three consecutive hikes, the Karachi Cotton Association (KCA) left its spot rates unchanged at Rs8,650 per maund.The buyers’ prime concern was the poor quality of lint from Sindh where recent heavy rains battered the crop, brokers said.

However, the world leading cotton markets remained under pressure in line with the New York cotton which reeled further back. The Indian and Chinese markets closed mixed to easy.

The following deals were reported to have changed hands on the ready counter: 1,000 bales, Sanghar, at Rs7,775 to Rs7,800; 1,600 bales, Tando Adam, at Rs7,770 to Rs8,200; 1,400 bales, Shahdadpur, at Rs7,800 to Rs7,950; 1,200 bales, Khairpur, at Rs8,650 to Rs8,700; 800 bales, Saleh Pat, at Rs8,650 to Rs8,700; 1,200 bales, Haroonabad, at Rs8,700 to Rs8,750; 800 bales, Vehari, at Rs8,675 to Rs8,700; 800 bales, Mian Channu, at Rs8,750; and 800 bales, Lodhran, at Rs8,750.

Published in Dawn, September 20th, 2019