KARACHI: Attracted by low prices many spinning groups entered the cotton market on Tuesday to get hold of quality lots.

The renewed buying interest was reflection of a short crop besides quality concerns because private estimates put crop size at around 9 million bales and to bridge this wide gap of 6 million bales imports will be the last option to meet domestic requirements.

Also the forecast of more rains in southern Punjab and upper Sindh in coming days has caused panic among stakeholders because at this juncture heavy downpour will damage the standing cotton crop which is near to maturity.

The world’s leading markets also remained under pressure with New York cotton losing around half cent per lb for all future contracts. The Indian cotton also closed easy and so did the Chinese.

The Karachi Cotton Association (KCA) lowered its spot rates by Rs100 to Rs9,200 per maund.

The following deals were reported to have changed hands on the ready counter: 1,600 bales, Khairpur, at Rs8,800; 2,800 bales, Rahimyar Khan, at Rs9,400; 1,600 bales, Sadiqabad, at Rs9,400 to Rs9,450; 1,200 bales, Shuajabad, at Rs9,150 to Rs9,200; 3,800 bales, Yazman Mandi, at Rs9,050 to Rs9,200; 1,000 bales, Bahawalpur, at Rs9,000; 1,600 bales, Ahmedpur East, at Rs8,900 to Rs9,000; 2,000 bales, Rajanpur, at Rs9,000; and 600 bales, Fort Abbas, at Rs9,000.

Published in Dawn, November 13th, 2019