Aggressive buying of quality lint by spinner witnessed at cotton market

Aggressive buying of quality lint by spinners was witnessed at cotton market on Friday keeping trading activity brisk. A broker said that the rush could be due to the latest cotton production figures which have shown a sudden dip in phutti arrival of phutti (seed cotton).

Apparently, spinners are not willing to take any risks and readily entered into deals even at higher rates. A salient feature of cotton trading was that most deals were of good quality, big lots.

Spinners have purchased much more cotton this season so far and have also imported around 1.2 million bales to meet their needs. However, rising demand for cotton yarn in domestic and world market is likely to keep spinners active.

The following major deals were reported to have changed hands on ready counter: 2,000 bales, Saleh Pat, at Rs6,350 to Rs6,400; 1,000 bales, Rohri, at Rs6,350 to Rs6,400; 1,000 bales, Khairpur, at Rs6,350 to Rs6,400; 2,400bales, Rahimyar Khan, at Rs6,500; 1,200 bales, Sadiqabad, at Rs6,500; 800 bales, Ahmedpur East, at Rs6,350 to Rs6,500; 1,400 bales, Layyah, at Rs6,275 to Rs6,500; 1,200 bales, Yazman, at Rs6,400; 800 bales, Mianwali, at Rs6,400; 1,800 bales, Fort Abbas, at Rs6,290 to Rs6,350; 800 bales, Haroonabad, at Rs6,275 to Rs6,350; and 600 bales, Rajanpur, at Rs6,475 to Rs6,500.

As cotton prices on ready deals kept rising, official rates were also revised upward by Rs50 to Rs6,300 per maund.

On global front, the world leading cotton markets gave mixed trend, with New York closing higher.