Cotton price remain higher despite buying drive to build stocks by spinners

Trading activity at Pakistan cotton market remained bullish with leading spinners indulged in striking big-lot deals to accumulate maximum stock of quality cotton which was still available in abundance though first picking is about to come to an end. As a result, cotton prices remained higher, brokers said.

Buyers were not ready to give up their buying drive in order to build up their stocks, although there were rumors in the trading ring that the government may remove indirect ban on cotton imports from India.

According to market analysts, with a ban on cotton imports from India there would be a gain momentum in cotton yarn imports which would be more damaging to the industry because it would fail to compete with cheap Indian yarn.

Major deals on the ready counter were reported to have changed hands were: 2,000 bales from Shahdadpur (Rs5,700 to Rs5,900), 1,000 bales Sanghar (Rs5,700 to Rs6,000), 2,000 bales Saleh Pat (Rs6,200 to Rs6,250), 2,000 bales Rohri (Rs6,200 to Rs6,250), 2,800 bales Ghotki (Rs6,500 to Rs6,575), 2,400 bales Dharki (Rs6,500 to Rs6,575), 1,200 bales Khanpur Mehar (Rs6,500 to Rs6,575), 2,400 bales Layyah (Rs5,950 to Rs6,250), 1,800 bales Hasilpur (Rs6,250 to Rs6,500), 1,800 bales Bahawalnagar (Rs6,300 to Rs6,350), 800 bales Yazman Mandi (Rs6,500 to Rs6,600), 3,000 bales Rahimyar Khan (Rs6,500), 1,200 bales Sadiqbabad (Rs6,500) and 1,400 bales Haroonabad (Rs6,400).