KARACHI: Trading on the cotton market was brisk on Thursday as buyers rushed to replenish their stocks on reports that very little quantity of quality lint is left with ginners.
Floor brokers said that leading spinners were in the forefront of buying spree which kept prices firm and steady.
The market is eagerly looking forward for the next phutti (seed cotton) arrivals report due in the first week of next month.
There were reports circulating in the trading ring that ginners are currently holding between 1.1 million and 1.2 million bales and only 30 per cent of the stocks are of quality lint.
The tight supply of quality lint forced many leading spinners to enter into big deals which kept the market highly volatile and full of activity. There were strong indications that current cotton season is going to end by the end of next month.
Meanwhile, some of the leading spinning groups continue to import cotton form India as they are not ready to take risk of facing shortage due to crop shortfall at home.
The New York cotton market remained easy where all the future contracts closed with fresh losses. The Karachi Cotton Association (KCA) spot rates were steady at overnight level.
Major deals on ready counter were: 4,000 bales from Rahimyar Khan (Rs5,650 to Rs5,700), 4,000 bales from Sadiqabad (Rs5,650 to 5,700), 2,000 bales from Khanpur (Rs5,700), 1,900 bales from Alipur (Rs5,700), 1,600 bales from Mianwali (Rs5,500), 400 bales from Khanewal (Rs5,400), 400 bales from Yazman Mandi (Rs5,375), 400 bales from Rohri (Rs5,425) and 400 bales from Ghambat (Rs5,315).