KARACHI: Needy textile spinners were active on the cotton market on Friday as they replenished stocks to meet near future demand. Overall, the underlying sentiment remained mixed to steady.

With no new developments, the market maintained its routine nature of activity. Quality cotton stocks are fast depleting while sowing of new crop in lower Sindh is about to start.

According to market reports, a leading textile spinning group has lifted substantial quantity of cotton by booking couple of big lot deals. However, most big groups are presently occupied in payments and clearing of imported cotton. The cost of imported lint has multiplied after massive devaluation of the rupee.

The world leading cotton markets closed firm under the lead of New York cotton which gained over one US cents per lb for its all future contracts. Chinese and Indian cotton were also firm.

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

Trading on ready counter was moderate as renewed buying interest was witnessed. The following deals transpired: 400 bales, Rajanpur, at Rs8,850; 1,200 bales, Rahim Yar Khan, at Rs8,800; 1,513 bales, Yazman, at Rs8,000-8,450; 600 bales, Vehari, at Rs8,525; and 800 bales, Fort Abbas, at Rs8,000-8,025.

Published in Dawn, March 23rd, 2019