KARACHI: Spinners remained in the forefront of buying spree on the cotton market on Wednesday amid reports of rains in parts of cotton-growing areas of Punjab and Sindh.

There was a sort of panic buying from some spinners who indulged in quick bouts of buying which were mostly obliged by ginners. The sustained buying further extended last two days of brisk activity and also helped prices to stay firm.

Cotton picking would also stop temporarily as the Hindu community is observing a festival next week. Besides, as Eidul Azha is fast approaching the availability of trucks and transport for haulage of phutti (seed cotton) and cotton is also becoming difficult with each passing day, they added.

Phutti prices also remained on the higher side as demand for cotton is rising on fear of short crop and delay in arrivals. The underlying sentiment remained very high but outlook was uncertain.

The KCA raised its spot rate by Rs50, to Rs6,650 per maund (around 37 kilograms).

Major deals on the ready counter were: 3,000 bales Sanghar (at Rs6,750 to Rs6,800), 1,200 bales Mir­­purkhas (Rs6,725 to Rs6,800), 4,600 bales Hyderabad (Rs6,750 to Rs6,810), 4,000 bales Shahdadpur (Rs6,750 to Rs6,815), 4,600 bales Tando Adam (Rs6,775 to Rs6,810), 600 bales Burewala (Rs6,850), 600 bales Mian Channu (Rs6,900), 400 bales Chichawatni (Rs6,925) and 400 bales Bahawalnagar (Rs6,825).

Published in Dawn, August 25th, 2016