KARACHI: Sustained buying from spinners pushed cotton prices higher on Wednesday. The underlying sentiment suddenly turned firm and outlook was also bright.
Floor brokers said that many spinners moved into the trading ring to book big buying orders anticipating good orders from a home textile trade fair being held in Frankfurt, Germany.
The three-day textile fair is the largest in the world where manufacturers of home textile from around the world participate. Around 219 companies from Pakistan are also reportedly displaying their products in the fair.
Consequently, regular flow of buying orders from spinners throughout the session did not only push lint prices higher but also created some lively atmosphere which had been lacking so far, brokers said.
The world cotton markets also witnessed some respite on Wednesday in their downslide. The Karachi Cotton Association (KCA) left its spot rates unchanged.
Major deals on ready counter were: 600 bales from Shahdadpur done at Rs5,400, 600 bales Bahawal Nagar at Rs4,800 to Rs5,300, 1,000 bales Haroonabad at Rs4,800 to Rs5,500, 800 bales Fort Abbas at Rs5,250 to Rs5,425, 400 bales Faqirwali at Rs5,350, 600 bales Bahawalpur at Rs5,375 to Rs5,700, 600 bales Ahmedpur at Rs5,400, 1,000 bales Rahimyar Khan at Rs5,550 to Rs5,650, 2,600 bales Fazilpur at Rs5,600 to Rs5,700 and 400 bales Yazman Mandi at Rs5,700.