KARACHI: Buyers readily opted for quality cotton on Wednesday which pushed prices higher on ready trading. However, quality issues have restricted activity.
The market is currently in a state of panic with many small- and medium-sized spinners replenishing their inventories. Bigger spinners are more focused towards imported lint.
The world leading cotton markets remained easy, particularly after US slapped some sanctions on Chinese companies. The New York cotton, Indian and Chinese cotton closed easy.
The Karachi Cotton Association (KCA) revised cotton spot rates upward by Rs50 to Rs8,750 per maund.
The following deals were reported to have changed hands on ready counter: 1,400 bales, station Shahdadpur, at Rs7,800-8,500; 2,000 bales, Tando Adam, at Rs7,800-8,600; 2,000 bales, Khairpur, at Rs8,700-8,800; 600 bales, Sadiqabad, at Rs8,900; 600 bales, Faqirwali, at Rs8,800-8,850; 400 bales, Jalalpur, at Rs8,850; 400bales, Bahawalpur, at Rs8,800; 400 bales, Hasilpur, at Rs8,800; and 200 bales, Layyah, at Rs8,800.
Published in Dawn, October 10th, 2019