KARACHI: Buying spree continued on the cotton market on Friday, with leading textile spinners picking up quality lots.

Reports suggest that higher off-take of cotton yarn also induced sentiment due to which millers tried to cover up their position. Overall the under lying sentiment was fairly strong.

The textile industry is trying to replenish its stocks from local sources as hopes of importing cotton from India have diminished.

The world leading cotton markets were mixed to steady. New York cotton in late evening trading moved higher while Indian and Chinese markets were mixed.

Meanwhile, a stakeholders meeting — held in Islamabad to discuss increase in cotton production — was assured that field staff of Ministry of National Food Security and Research would be on ground to monitor cotton crop progress. Private sector representatives urged officials to ensure that area under cotton crop cultivation is restored and supply of certified seed and pesticides is ensured for higher cotton production to be achieved.

They further demanded the government should announce at the earliest the indicative price for phutti (seed cotton) at around Rs3,500 per 40kg in order to encourage growers to shift back to cotton crop from sugarcane.

The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level at Rs8,600 per maund.

The following deals were reported to have changed hands on ready counter: 600 bales, Ghotki, at Rs8,800; 1,800 bales, Kotri, at Rs8,250-8,500; 4,600 bales, Rahim Yar Khan, at Rs8,800; 1,500 bales, Sadiqabad, at Rs8,750; 1,915 bales, Mirpur Dewan, at Rs8,500; 200 bales, Liaquatpur, at Rs7,800; 400 bales, Chishtian, at Rs7,550; 400 bales, Chichawatni, at Rs7,500; and 400 bales, Haroonabad, at Rs7,400.

Published in Dawn, March 9th, 2019