Commodities: Activity picks up on cotton market
KARACHI: Buying spree entered into third day on Wednesday as buyers focused on quality cotton. The underlying sentiment stood firm and the outlook bright.
Leading textile spinners are active on the market though short supply of the commodity is restricting trading activity. Ginners are readily disposing off their stocks at slightly higher prices.
The industry – which had been heavily depending on cotton from across the border – is now reverting to local market, thereby pushing up trade volume.
The world leading cotton markets also closed firm amid increase trading activity. New York cotton market firmed up by US1.65 cents per lb. Chinese and Indian cotton also moved up. Cotton Corporation of India (CCI) has procured 1.1 million bales to support cotton price.