Active trading activity seen at cotton market on Wednesday with buying picking up as spinners were keen to replenish their stocks from domestic sources.
The overnight renewed buying interest intensified as spinners indulged in a sort of panic buying. The high price in most of the leading world cotton markets was instrumental in forcing buyers to rush for domestic cotton.
After touching a seasonal high of US 77.11 cents per lb, the New York cotton market gave mixed trend and so did the Chinese and India cotton markets.
As a result, spinners panicked and preferred to get hold of maximum quantity of cotton from the domestic market. The brisk activity surged cotton prices and most deals were quoted above Rs7,000 per maund (around 37 kilograms).
While, the spot rates stood unchanged at Rs6,700/maund (37.324kg) and Rs7,180/40kg. Ex-Karachi rate also remained firm at Rs6,835/maund and Rs7,325/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
According to analyst, looking at the trade transactions in the market, the spot rates would likely to increase in a day or two, as there was huge demand for the local cotton, amid a decline in the production against domestic demand.
Major deals that changed hands on the ready counter were: 1,485 bales from Mianwali at Rs6,100 to Rs6,700, 800 bales from Fort Abbas at Rs6,750 to Rs7,000, 2,400 bales from Hasilpur at Rs6,800, 1,000 bales from Sadiqabad at Rs6,900, 3,400 bales from Rahimyar Khan at Rs6,900 to Rs7,000, 1,000 bales from Khanpur at Rs7,000 and 1,700 bales from Haroonabad at Rs7,025 to Rs7,050.
KCE recorded domestic transactions of around 15,000 bales from 13 stations, amid a price of Rs6,100/maund to Rs7,050/maund.
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