KARACHI: Steady conditions prevailed on the cotton market on Wednesday as leading spinners remained in the forefront of buying spree. Much of the trading activity, however, remained around quality cotton.
Floor broker said that fear of shortage of quality cotton kept big spin ners and other buyers in the forefront of brisk activity.
There was strong feeling amongst brokers that availability of quality cotton would become difficult when the first picking draws to a close by the end of this month. Consequently, spinners did panic buying and tried their utmost to build up stocks at this juncture.
There were rumours in the trading ring that Pakistan was planning to ban cotton imports from India. As a result, spinners rushed to pick maximum quantity of quality cotton.
On the global front, the New York cotton market after a touching season high came under profit-selling with prices slightly closing lower. However, Chinese and India markets closed easy.
The Karachi Cotton Association left its spot rates unchanged. Major deals on the ready counter were: 2,000 bales from Khairpur done at Rs6,150 to Rs6,180, 2,000 bales Rohri (Rs6,200), 2,000 bales Saleh Pat (Rs6,200), 2,000 bales Gharki (Rs6,350), 2,800 bales Dharki (Rs6,350), 1,200 bales Khanpur Mehar (Rs6,350), 4,600 bales Mianwali (Rs5,925 to Rs6,025), 1,200 bales Fazilpur (Rs6,200), 1,200 bales Rajanpur (Rs6,200), 1,200 bales Mohammad Pur Dewan (Rs6,200 to Rs6,350), 1,200 bales Sadiqabad (Rs6,350), 1,400 bales Rahimyar Khan (Rs6,350), 600 bales Hasilpur (Rs6,400), 1,000 bales Lodhran (Rs6,300), 1,000 bales Ahmedpur (Rs6,300), 1,200 bales Bahawalnagar (Rs6,240) and 7,600 bales Haroonabad (Rs6,225 to Rs6,325).