KARACHI: Activity on the cotton market remained moderate on Friday as leading spinners kept replenishing their stocks to meet their near future demand.
Floor brokers said that fast depleting cotton stocks of quality lint held by ginners is disturbing spinners who have to go a long way before the arrival of next crop by the end of June.
A huge inventory of cotton held by China is depressing world cotton prices, but on the domestic front collapse of crop in Punjab is keeping prices on the higher said, brokers added.
However, steady flow of buying from needy spinners kept prices firm on ready counter. But many of them were disappointed after failing to get quality cotton which is running in short supply. The market is eagerly waiting for next phutti (seed cotton) arrivals report due in the first week of next month. It is being anticipated that arrivals of phutti would be even slower as very little unpicked cotton is left behind in the fields.
The New York cotton market recovered for all the future contracts. The Karachi Cotton Association (KCA) left its spot rates unchanged.
Major deals on ready counter were: 400 bales from Nawabshah done at Rs5,265, 800 bales from Daur done at R5,375, 1,000 bales from Rohri done at Rs5,500, 200 bales from Multan done at Rs5,150, 400 bales from Mianwali done at Rs5,350, 600 bales from Faqirwali done at Rs5,400, 2,000 bales from Haroonabad done at Rs5,400, 600 bales from Sadiqabad done at Rs5,650 and 1,000 bales from Rahimyar Khan done at Rs5,700.
Courtesy : Dawn News