KARACHI: Steady conditions prevailed on the cotton market on Friday as spinners remained in the forefront to replenish their stocks. The fast depleting stocks with ginners and delay in arrivals of next crop continued to force buyers to stay active.
However, limited stocks of quality cotton coupled by higher asking price from ginners restricted activity. Most deals transpired between ginners and spinners were at higher rates, brokers said.
Due to short supply, even medium and low-quality cotton was in strong demand. Spinners were keen to build up their stocks as they will have to wait for more than three months before the arrival of next crop.
The Karachi Cotton Association (KCA) raised its spot rates by Rs25, to Rs5,650 per maund. Major deals on the ready counter were: 400 bales were sold by an exporter to a mill at Rs5,200, 1,200 bales from Nawabshah (at Rs5,200 to Rs5,400 per maund), 400 bales Liaquatpur (Rs5,400), 200 bales Mian Channu (Rs5,550), 200 bales Ahmedpur (Rs5,600) and 400 bales Rajanpur (Rs6,000).
Meanwhile, the world cotton markets remained slow.
Courtesy : Dawn News