Cotton market recovering with renewed buying interest

The cotton market recovering with renewed buying interest from spinners on Wednesday. Floor brokers said that spinners rushed back to meet their short-term requirement, but their buying remained restricted to small-lot transactions ahead of bank closing and New Year eve.

Due to steady flow of buying orders at the lower level lint prices regained recent losses and finished Rs50 higher on ready trading.

Besides, there is a shortage of quality cotton as third and final picking has started and the textile industry is looking for quality cotton to meet their demand. How¬ever, ginners are still holding a sizeable quantity of unsold cotton.

Ever since the Depart¬ment of Plant Protection removed restrictions on the import of cotton from India, leading spinners are reported to have focused their buying from across the border, brokers added.

At the ready counter major deals to have changed hands were: 3,000 bales from Bahria City (Rs6,175), 2,200 bales Bahria Road (Rs6,175), 1,600 bales Khair¬¬pur (Rs6,185), 1,200 bales Rohri done at Rs6,200, 600 bales Akri (Rs6,350), 400 bales Hasilpur (Rs6,100), 600 bales Vehari (Rs6,100), 400 bales Burewala (Rs6,200), 500 bales Haroonabad (Rs6,300), 400 bales Shadan Lund (Rs6,300), 600 bales Bahawalpur (Rs6,400) and 400 bales Yazman Mandi (Rs6,450).

The Karachi Cotton Association’s spot rates remained unchanged.