KARACHI: Renewed buying interest was witnessed on the cotton market on Wednesday as many needy spinners rushed back to replenish their stocks.
Floor brokers said the undertone was steady as cotton maintained a firm outlook amid tight supply of quality lint due to a short crop.
Moreover, reports suggest that towel manufacturers have secured a good number of export orders at the recently concluded home textile fair at Frankfurt, Germany as a result a surge in demand for lower count yarn of 16” and 20” is expected.
The world cotton markets also moved higher with New York cotton recording increase for all futures contracts. The Chinese and Indian markets were also firmer. The Karachi Cotton Association (KCA) kept its spot rates steady at overnight level.
The following major deals were reported to have finalised on the ready counter: 600 bales, Khairpur, at Rs5,350, 600 bales, Rohri, at Rs5,500, 1,000 bales, Chichawatni, at Rs4,900, 600 bales, Mianwali, at Rs5,500, 800 bales, Lodhran, at Rs5,600, 1,000 bales, Rahimyar Khan, at Rs5,600, 600 bales, Kot Sabzai, at Rs5,650, 600 bales, Khanewal, at Rs5,650 and 1,000 bales, Sadiqabad, at Rs5,650.