KARACHI: Short covering by spinners generated some activity on the cotton market on Thursday, although prices remained steady like elsewhere in the world.
There are some quality issues, although around 250,000 bales are still held by ginners, they added.
Ginners believe a delay in the arrival of the next crop and shortage of cotton can lead to higher price in days ahead.
Leading world cotton markets, including New York, closed firm. There was no development that could change the current course of trading.
Ginners are also demanding a tax relief. They have asked the government to reduce taxes on electricity consumed by ginning units.
The Karachi Cotton Association (KCA) spot rates were unchanged overnight. Following deals were reported on the ready counter: 1,000 bales from Faqirwali at Rs6,800 per maund (around 37 kilograms), 200 bales from Khanewal at Rs6,825, and 400 bales also from Khanewal at Rs7,000.
Courtesy : Dawn News