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Buying interest revives on cotton market

Buying interest revives on cotton market

KARACHI: Revival of buying interest helped cotton market on Wednesday to witness somewhat brisk activity where prices also slightly recovered.

Floor brokers said that dwindling stocks held by ginners, at around 900,000 bales, coupled with some external factors influenced market sentiment.

Moreover, rebound in US cotton market on reports that China has decided to reduce cotton cultivation next year also helped to induce sentiment at the local market.

Consequently, steady flow of buying orders kept pouring throughout the session which also pushed prices higher. Many small spinners with restricted cash flow were in the forefront because they could not import cotton.

The New York cotton market recovered for all the future contracts but they still remained below 60 cents a lb.

The Karachi Cotton Association (KCA) spot rates were unchanged.

Major deals on ready counter were: 200 bales from Khipro (Rs4,700), 200 bales Chishtian (Rs5,000), 400 bales Dharanwala (Rs5,150), 200 bales Fort Abbas (Rs5,300), 600 bales Mianwali (Rs5,400 to Rs5,500), 600 bales Bahawalpur (Rs5,500), 700 bales Gojra (Rs5,600), 400 bales Lodhran (Rs5,600), 200 bales Multan (Rs5,600) and 400 bales Yazman Mandi (Rs5,600).

Courtesy : Dawn News



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