Commodities: Buyers rush amid shortage of quality cotton
KARACHI: Revival of buying interest from major spinning groups generated activity in the cotton market on Thursday. Availability of quality cotton is running short and causing panic among buyers.
Cotton prices, after experiencing correction during last three sessions, have also started to stabilise.
With the crop size being lowered on each estimate, textile spinners fear a huge gap between demand and supply. Some leading textile spinning groups were seen active in replenishing their stocks at higher level on booking big lot deals.
Two huge deals of 16,000 bales from Sadiqabad and 7,400 bales from Rahim Yar Khan highlighted trading, brokers said. Similarly, many other deals of large size featured trading which indicate that buyers are striving hard to get hold of maximum quantity of cotton from local market, they added.