KARACHI: The cotton market on Tuesday remained firm amid moderate business activity. However, spinners could not get hold of lots of their choice because ginners were reluctant to sell their stocks at this juncture.
Floor brokers said that revival of buying interest in world cotton markets and rising trend in leading cotton markets induced sentiment. But the most influencing factor was the rapidly falling cotton stocks with ginners.
Presently almost all the leading cotton markets are on rising trend and this was also influencing the local market where cotton is already in short supply, particularly of quality lint.
Moreover, encouraging results about the outcome of Texpo 2016 with reports that home textiles received substantial orders also induced sentiment. Cotton analyst Naseem Usman said there are indications that new crop would witness surge in prices as many cotton-producing countries have reduced their cotton cultivation areas.
The KCA left its spot rates unchanged. Major deals on ready counter were: 400 bales from Fazilpur (at Rs5,275per maund), 200 bales Marot (Rs5,350), 600 bales Khanpur (Rs5,500) and 400 bales Faqirwali (Rs5,275).
The New York cotton maintained its weekend rising trend.
Courtesy : Dawn News