KARACHI: Buying interest picked up on the cotton market on Tuesday as leading spinners procured big lot deals.

Preference for big deals is a clear indication that spinners are panicking and want to replenish their stocks at the earliest.

Market reports suggest that cotton prices would start rising by April as the commodity would be in short supply while the demand would rise.

Ginners who had been holding substantial quantity of unsold stocks are now eagerly entering into deals and getting slightly better prices for quality cotton.

The world leading cotton markets also recorded modest gains following a deal of 0.8 million cotton bales with India. This induced world sentiment where markets were lately slow under the shadow of US-China trade negotiations.

The Karachi Cotton Association (KCA) spot rates were firm at overnight level at Rs8,600 per maund.

The following deals were ported to have transpired on ready counter: 2,000 bales, station Alipur, at Rs8,800; 3,200 bales, Rahim Yar Khan, at Rs8,750-8,800; 1,000 bales, Khanpur, at Rs8,750; 600 bales, Yazman, at Rs8,550; 1,000 bales, Kabirwala, at Rs8,300; 400 bales, Shujabad, at Rs8,250; 300bales, Kahror Pakka, at Rs8,100; 1,000 bales, Bahawalpur, at Rs7,700; 400 bales, Lodhran, at Rs7,700; and 600bales, Fort Abbas, at Rs7,700.

Published in Dawn, March 13th, 2019