KARACHI: The cotton market witnessed renewed buying interest on Tuesday which helped prices consolidate and recover overnight losses. The undertone was firm but outlook remained uncertain.
The overnight general lethargy was no more evident as spinners eagerly picked up deals, even on higher asking price from ginners. This indicates that depleted cotton stocks are causing panic among buyer.
The stepped-up activity pushed prices higher as buyers rushed to get hold of maximum quantity of cotton but ginners only obliged those who were ready to pay higher price, brokers said.
The Karachi Cotton Association (KCA) raised its spot rates by Rs50, to Rs5,600 per maund.
Major deals on the ready counter were: 500 bales from Karachi (Rs5,200 to Rs5,450), 585 bales Shahadpur (Rs5,500), 1,700 bales Layyah (Rs5,200 to Rs5,500), 300 bales Hasilpur (Rs5,550 to Rs5,600), 203 bales Dera Ghazi Khan (Rs5,650), 400 bales Mian Channu (Rs5,750), 1,000 bales Rahimyar Khan (Rs5,900) and 400 bales Jampur (Rs6,000).