Active buying on cotton market
KARACHI: Renewed buying from small spinners on Tuesday helped cotton prices to recoup part of recent losses.
As most of the leading spinners have already built up their cotton inventories or are filling the gap through imports, the cash-starved weaker links were relying on short-term buying, brokers said.
However, the cotton yarn and grey fabric markets continued to be sluggish and this was adversely impacting the entire textile sector despite 14 per cent increase in garment exports last month.
The entire textile sector is running short of liquidity and each segment is squeezed due to widespread defaults of payments at different stages, stated cotton broker Adil Naseem.
The Karachi Cotton Association (KCA) left its spot rates unchanged at Rs6,900 per maund.
The following deals were reported to have finalised on the ready counter: 1,000 bales, Mirpur Mathilo, at Rs7,200; 600 bales, Rohri, at Rs6,650; 6,500 bales, Liaquatpur, at Rs6,850 to Rs7,200; 900 bales, Rahimyar Khan, at Rs6,400 to Rs7,200; 400 bales, Khanpur, at Rs7,150; 400 bales, Feroza, at Rs7,000; 400 bales, Bahawalpur, at Rs6,800; 1,200 bales, Jatoi, at Rs6,500; 800 bales, Fort Abbas, at Rs6,200 to Rs6,300; 600 bales, Yazman, at Rs6,300.
Published in Dawn, February 21st, 2018