KARACHI: The cotton market maintained steady trend on Wednesday amid strong demand from spinners and some exporters thanks to easily availability of quality lint owing to higher phutti arrivals into the ginneries.
Firmer trading conditions were witnessed as more and more buyers rushed to build up their stocks at the prevailing prices. Leading spinners indulged in big lot deals in order to get maximum quality cotton.
“At this peak cotton season there should have been brisk trading activities but due to slackness in cotton yarn market with lesser exports to China the spinners are somewhat cautious,” brokers believed.
The Punjab government has already announced gas load-shedding plan for domestic consumers for winter, which indicates that the industry will also have to face shortages, brokers said.
After touching 115,000 bales daily in the last week phutti arrivals now have gone up to 200,000 bales per day, brokers said.
However, sustained buying from many big spinner groups helped cotton prices to stay firm. The undertone was firm and outlook bright, they added.
The Karachi Cotton Association (KCA) left its spot rates steady at the overnight level.
The following major deals were reported to have changed hands on the ready counter: 1,600 bales, Mirpurkhas, at Rs5,650 to Rs5,750, 1,800 bales, Shahdadpur, at Rs5,775 to Rs5,950, 1,200 bales, Sanghar, at Rs5,800 to Rs5,825, 1,600 bales, Tando Adam, at Rs5,800 to Rs5,825, 3,000 bales, Khairpur, at Rs6,200 to Rs6,250, 1,000 bales, Saleh Pat, at Rs6,250, 1,000 bales, Rohri, at Rs6,250, 1,600 bales, Vehari, at Rs6,250 to Rs6,300, 3,400 bales, Mianwali, at Rs6,250 to Rs6,300, 1,200 bales, Haroonabad, at Rs6,300, 2,000 bales, Rajanpur, at Rs6,300, 1,000 bales, Fazilpur, at Rs6,300 and 1,000 bales, Rahimyar Khan, at Rs6,300.