Active buying on cotton market

Karachi: Firm trend was witnessed on the cotton market on Wednesday as ginners were not inclined to lower their asking prices for fine lots below Rs 8,500 per maund and some of the leading mills appeared to be in an obliging mood and lifted all the lots.

But some other lots offered by the ginners were sold on quality basis between Rs8,100 to Rs8,300 per maund barring lint from Khanpur and Rahimyar Khan, known for contamination-free best quality to spin higher counts of cotton yarn and textiles for the export markets, floor brokers said.

They said the mill ready off-take for the last couple of sessions reflected that the selling prices had almost stabilised around these levels.

Simultaneously, spinners and mills were not inclined to take even a breather and continued importing cotton from various destinations as they fully aware about the demand prospects in the backdrop of a short crop, they said.

They said the textile sector imported another 95,000 bales during April which make the total since last August to 13.15m bales, according to official figures.

Meanwhile, the matured May settlement was rung off the board and trading in the new crop October delivery resumed, which ended with a gain of 5.11 cents per lb at 138.68 cents.

But on the other hand the ruling July was nominally quoted lower by 0.01 cents at 153.88 per lb.

The following are some of the deals reported by the Karachi Brokers Forum on Wednesday:

SINDH TYPE: 200 bales, Ghotki at Rs7,900.

PUNJAB VARIETY: 200 bales each Sadiqabad, Rahimyar Khan and Khanpur at Rs8,500, 200 bales, Jalalpur at Rs8,100 and 88 bales at Rs8,200, 204 bales, Hasilpur at Rs8,200, 220 bales, Iqbal Nagar at Rs8,300, 335 bales, Kehror Pacca at Rs7,800.

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