KARACHI: The cotton market on Friday witnessed brisk activity amid rise in buying from spinners which helped prices to stay on higher side.
Spinners strived to get hold of maximum quantity of cotton on fear of short crop and delay in arrivals of next crop, brokers said.
According to market sources, the world cotton prices remained steady on reports that Pakistan would remain major buyer of cotton to meet its shortage.
Since wheat crop harvesting is still going on in Punjab, the cotton crop sowing for the next season is set to face further delay, brokers added.
The Karachi Cotton Association (KCA) spot rates were steady at overnight level. Major deals on ready counter were: 400 bales from Pannu Akil (at Rs5,500 per maund), 400 bales Ghotki (Rs5,500), 400 bales Mirpur Mathelo (Rs5,500), 5,800 bales Rahimyar Khan (Rs5,700), 400 bales Muhammadpur Dewan (Rs5,500), 600 bales Noorpur Nauranga (Rs5,500), 800 bales Ahmedpur East (Rs5,500), 200 bales Liaquatpur (Rs5,450), 300 bales Lodhran (Rs5,450) and 200 bales Faqirwali (Rs5,400).
Some correction was noted in New York cotton market where last several days’ rising trend came under check and finished with modest falls. The official figures showing decline in cotton exports this week over the last week was another reason for decline in New York cotton.
Courtesy : Dawn News