KARACHI: The cotton market remained steady on Tuesday where activity slightly slowed down owing to oversold position of ginners and partly because spinners also took a respite to work out their future plans.
The world cotton prices, however, moved higher on reports China was still active in replenishing it cotton stocks. The New York cotton continues to lead world cotton markets, brokers said.
The buyers remained in the forefront but short supply of cotton restricted activity. During the past week ginners made huge deals with some are now facing oversold position, brokers said.
Spinners may have to meet their requirement from local cotton because the possibility of import of cotton from India has now almost diminished, particularly after currency crisis, they added.
Cotton analyst Naseem Usman said big ginners have imported around 1.5 million bales this season from other countries, including South Africa, West Africa, Brazil and Australia to meet their long-staple requirements.
The Karachi Cotton Association left its spot rate unchanged. Major deals on the ready counter were: 1,000 bales from Khairpur (Rs6,200), 1,000 bales Rohri (Rs6,250), 1,000 bales Saleh Pat (Rs6,250), 1,400 bales Haroonabad (Rs6,275), 1,400 bales Faqirwali (Rs6,275 to Rs6,300), 2,200 bales Rajanpur (Rs6,300), 2,400 bales Sadiqabad (Rs6,325 to Rs6,350), 2,400 bales Rahimyar Khan (Rs6,325 to Rs6,350), 800 bales Kot Sabzai (Rs6,350) and 600 bales Chani Goth (Rs6,400).