KARACHI: The cotton market on Thursday remained firm as buying orders kept pouring in for quality lint. However, short supply of quality cotton continued to restrict trading activity.
Floor brokers said spinners were striving to get hold of any lot offered but short supply of quality lint disappointed them.
The delay in early sowing in Punjab due to recent rains coupled with depleted stocks held by ginners was a cause of concern for spinners who fear long period of around four to five months before new crop arrival starts by late July or early August.
There were reports that yarn market has also stated performing better on improved demand from domestic and export markets, brokers said.
Meanwhile, China’s state-owned corporation is selling cotton from 2011-12 stocks in domestic market at lesser subsidy and this would have deep impact on world market.
The Karachi Cotton Association (KCA) left its spot rates unchanged.
Major deals on ready counter were: 400 bales from Sanghar (Rs4,300), 400 bales from Burewala (Rs4,500), 600 bales from Chichawatni (Rs4,500), 400 bales from Layyah (Rs4,650), 1000 bales from Rahimyar Khan (Rs5,500) and 600 bales from Rajanpur (Rs5,500).
Meanwhile, the New York cotton market gave mixed trend on Thursday.