KARACHI: Trading activity on the cotton market kept its momentum on Tuesday which helped prices stay on the higher side. A steady stream of buying orders pushed trading volume higher.

Along with small- and medium-sized textile spinners, leading textile groups also booked big lot deals.

The world leading cotton markets once again came under pressure on reports that China has expressed unwillingness to accept US conditions on trade. Thus New York cotton market came under stress and lost up to US1.65 cent per lb. The Chinese and Indian markets were also erratic.

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: 3,400 bales, station Rahim Yar Khan, at Rs9,000-9,100; 2,400 bales, Rajanpur, at Rs9,000-9,100; 1,800 bales, Sadiqabad, at Rs9,100; 1,200 bales, Fort Abbas, at Rs9,000; 1,000 bales, Khadro, at Rs7,800; 1,000 bales, Shahpur Chakar, at Rs7,800; 1,000 bales, Rohri, at Rs8,850-8,950; 1,000 bales, Saleh Pat, at Rs8,800-8,900; and 1,400 bales, Khairpur, at Rs8,800-8,900.

Published in Dawn, October 16th, 2019