Cotton price continues to stay high owing to spinners buying interest

Spinners buying interest kept cotton prices at overnight inflated level on Thursday while ginners continued to show reluctance to dispose of their stocks which restricted trading volume. Moreover, from the outset spinners were keen to replenish their stocks ahead of closure on account of strike call on Friday (today

With little phutti (seed cotton) left in the cotton fields and limited stocks of cotton held by ginners the market players are trying to pull prices in their favour. This resulted in restricting trading activity though many millers managed to get hold of small lot deals which could help meet their near-future need, brokers said.

Reports coming from cotton fields indicate that the third picking may wind up earlier than expected because minimal quantity of unpicked cotton is left on plants.

The Karachi Cotton Association (KCA) spot rates were steady at previous level and trading on ready counter was moderate.

The following major deals were reported to have changed hands on ready counter: 1,400 bales, Rohri at Rs6,950 to Rs7,100; 1,000 bales, Ghotki at Rs7,000 to Rs7,050; 400 bales, Bakhar at Rs7,000; 400 bales, Bahawalpur at Rs7,000; 300 bales, Kassowal at Rs7,050; 1,000 bales, Hasilpur at Rs7,000 to Rs7,075; 600 bales, Mamokanjan at Rs7,100; 1,929 bales, Khanewal at Rs7,150; 400 bales, Shaujabad at Rs7,200; 1,600 bales, Naroonabad at Rs7,200; 800 bales, Sadiqabad at Rs7,200 to Rs7,300; 1,000 bales, Rahimyar Khan at Rs7,200 to Rs7,300.

On global front, the world cotton markets gave mixed trend where New York cotton finished with losses for all the future contracts and Indian cotton is reported to be steady. Meanwhile, China will remain closed for next few days on account of religious festival.