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Cotton prices firm amid short covering

Cotton prices firm amid short covering

KARACHI: The cotton market on Friday remained firm amid moderate business activity as spinners indulged in short covering to meet their near-future demand.

Floor brokers said that quality lint continues to be in acute short supply which is keeping prices firm and steady. Markets participants are waiting for the outcome of the home textile fair in Frankfurt, Germany, which concluded today. Only short covering from some needy spinners was noted whereas most of the big spinning groups were conspicuous by their absence.

The world cotton market also reeled back with New York cotton closing lower for all the future contracts. The Karachi Cotton Association (KCA) spot rates were firm at previous level.

Major deals on ready counter were: 2,000 bales from Dharki done at Rs5,700, 400 bales Yazman Mandi at Rs5,375, 400 bales Layyah at Rs5,390, 1,100 bales Ghazi Ghat at Rs5,475, 400 bales Lodhran at Rs5,500, 1,600 bales Bahawalpur at Rs5,600, 600 bales Mianwali at Rs5,600 and 1,000 bales Sadiqabad at Rs5,650.

Courtesy : Dawn News



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