Buying revives on cotton market
KARACHI: Buying interest revived on the cotton market as many needy spinners rushed back to replenish their stocks on Thursday. The undertone remained firm and outlook uncertain.
Floor brokers said that dwindling stocks, particularly of quality lint, forced many spinners to rush back and enter into short covering to meet their immediate needs.
The brokers believe that ginners body’s phutti (seed cotton) arrivals report released on Wednesday could be the last or second last this season. This would mean the current season would end two months earlier due to crop failure.
Consequently, a long gap of around six to seven months before the next cotton crop is worrying small spinners, who mostly depend on local cotton and lack money for imports, brokers added.