Hectic buying on cotton market
KARACHI, July 13: Relentless buying was witnessed on the cotton market for third consecutive day on Friday as spinners and exporters tried to get hold of quality lots from the new crop.
The phutti arrivals (seed cotton) has temporarily slowed down following rains in cotton growing belt of Punjab including Bahawalpur, Multan, Chichawatni etc.
As a result, prices on ready counter slightly increased by Rs50 per maund, encouraged by sustained buying from spinners and some exporters, brokers said.
The global outlook for cotton crop gives no negative indications so far and is stabilising prices and market behaviour, observed Naseem Usman, a cotton analyst.
However, the Karachi Cotton Association (KCA) left its spot rates unchanged at the overnight level.
Fairly large number of transactions were finalised on Friday and following were some of notable deals: 400 bales, Sanghar at Rs6,125 to Rs6,150, 400 bales, Mirpur Khas at Rs6,125 to Rs6,150, 400 bales, Shahdadpur at Rs6,150, 400 bales, Tando Adam at Rs6,150, 800 bales, Chichawatni at Rs6,275, 200 bales, Garamaraja at Rs6,275 to Rs6,300, 200 bales, Multan at Rs6,300, 400 bales, Rahimyar Khan at Rs6,300, 500 bales, Burewala at Rs6,300 and 200 bales, Hasilpur at Rs6,390.