KARACHI: Brisk activity was witnessed on the cotton market on Tuesday as buyers rushed to book big lots to replenish their stocks to see the current season through.
Floor brokers said that dwindling cotton stocks with ginners and delay in arrivals of next crop were causing panic among spinners who were eager to build up their stocks.
The short supply of quality cotton was quite disturbing for those spinners who could not import cotton due to financial constraints, they added. Most of the deals were finalised in quality and medium quality lint.
The buyers booked every lot that was offered by ginners which swelled the trading volume and made it one of the highest trading sessions of the current season, brokers said.
Panic buying from spinners could well be judged from the fact that most of the deals were of big size and it seemed every buyer was trying to grab whatever came his way.
The KCA left its spot rates unchanged. Major deals on ready counter were: 5,000 bales from Ghotki (Rs5,100 to Rs5,500), 4,000 bales from Mirpur Matehilo (Rs5,390 to Rs5,450), 400 bales from Dharki (Rs5,450), 1,000 bales from Khanewal (Rs5,100), 700 bales from Haroonabad (Rs5250), 1,400 bales from Sadiqabad (Rs5,400), 1,600 bales from Rahimyar Khan (Rs5,400) and 800 bales from Hasilpur (Rs5,500).