KARACHI, June 21: Brisk activity was witnessed on the local cotton market on Thursday as spinners went on buying spree and purchased every deal that was offered for sale.

Floor brokers said that the new crop cotton has started to arrive at the market and around 200 bales from Haroonabad made debut from Sindh crop.

The phutti is being quoted between Rs2,900 to Rs3,000 per 40 kg.

Early in the session, prices tended to move higher on strong demand from millers. However, towards closing hours when reports filtered in that the New York cotton market came under correction and almost all future contracts finished easy, prices came down in the local market.

The Karachi Cotton Association (KCA) spot rates where revised upward by Rs100 per maund. Most of the deals changed hands on ready counter were also quoted at higher prices.

Brokers expressed hope that the country is going to have good crop if no pest attacks or damage is caused by rains and flood.

On ready counter, a large number of transactions were reported to have changed hands.

These included 200 bales from Arifwala done at Rs5,800, 200 bales from Lodhran done at Rs6,000, 400 bales from Vehari done at Rs6,200, 200 bales from Liaquatpur done at Rs6,200, 200 bales from Fort Abbas done at Rs6,400, 400 bales from Sadiqabad done at Rs6,500 and 1000 bales from Rahimyar Khan done at Rs6,500.