KARACHI: Small spinners were seen actively replenishing their stocks at prevailing prices which helped generate some trading activity on the cotton market on Thursday.

However, the overall sentiments were subdued owing to big buyers’ cautious approach.

Large textile spinning groups appear to have decided to import cotton. The stockpiling of cotton and cotton yarn by ginners and spinners, respectively is also depressing market.

On the global front, major markets remained mixed to easy.

The recommended cotton targets could be easily achieved for next crop as, during this season, cotton growers had earned good money.

Given proper incentives by the government, coupled with strict prohibition of sugarcane cultivation on cotton growing areas, the high target of 15 million bales could be achieved.

The Karachi Cotton Association spot rates were firm at overnight level at Rs8,700 per maund.

The following deals were reported to have changed hands on ready counter: 200 bales from Khairpur were done at Rs8,000; 800 bales, Alipur, at Rs8,900; 200 bales, Sadiqabad, at Rs8,850; 400 bales, Hasilpur, at Rs8,000; 1,800 bales, Haroonabad, at Rs6,400-7,900; 200 bales, Vehari, at Rs6,400 and 200 bales from Burewala were done at Rs6,400.

Published in Dawn, January 18th, 2019