Cotton market witnessed sudden revival of buying interest on Wednesday, there was no apparent reason for it, except that two leading spinners moved into the trading ring to replenish their stocks, brokers said. The lint prices generally remained steady.
Many small spinners also actively participated in the proceedings and were eager to book maximum quantity of cotton, but most of them returned disappointed due to short supply.
The Karachi Cotton Association left its spot rates unchanged. The spot rates remained firm at Rs6,650/maund (37.324kg) and Rs7,127/40kg. Ex-Karachi rates also remained unchanged at Rs6,785/maund and Rs7,272/40kg after an addition of Rs135 and Rs145 as upcountry expenses, respectively.
An analyst said the millers arrived in the market for buying, which recorded improved activity. In the international market, prices also remained steady, as they move around the current prices. As the season is about to end, prices will neither go higher nor down.
Meanwhile, the Federal Cotton Committee is meeting on Monday in Islamabad to evaluate the size and set the targets of next cotton crop.
KCE recorded eight transactions of around 10,000 bales amid prices of Rs6,400 to Rs7,000/maund. Major deals that changed hands on the ready counter were: 1,682 bales from Karachi at Ra6,400 to Rs6,900 per maund (around 37 kilograms), 200 bales from Haroonabad at Rs6,800, 200 bales from Faqirwali at Rs6,800, 200 bales from Fort Abbas at Rs6,800, 175 bales from Dorga Bonga at Rs6,850, 785 bales from Khanpur at Rs6,900, 1,700 bales from Mian Channu at Rs6,930 and 4,124 bales from Sadiqabad at Rs6,925 to Rs7,000.
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