Hectic buying witnessed on the cotton market ahead of Eid ul Fitr holidays

Some hectic buying was witnessed on the cotton market from spinning mill owners ahead of Eidul Fitr holidays due to which there was some improvement seen in trading activity on Thursday.

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Phutti arrivals could not improve as growers were reluctant to sell their produce at lower prices, but there were some weaker links among them trying to sell at prevailing low rates to meet their Eid-related expenses.

Deals were finalised at Rs5,850 and Rs6,000 in Punjab and Rs5,800 and Rs5,950 in Sindh.

Prices of cottonseed (Banola), however, further dropped by Rs50, to Rs1,200-1,350.

The Karachi Cotton Association (KCA) kept its spot rate unchanged at Rs5,800. A total of 7,800 bales changed hands across the country, 2,600 in Punjab and 5,200 in Sindh.

Two deals of 200 bales each took place in Burewala and Chichawatni at Rs6,050 on after-Eid payment. While, deals of 8,500 maunds of cottonseed took place in Sahiwal, Chichawatni 4,500, Haroonabad 2,000, Khanewal 2,500, Vehari 4,000, Gojra 1,200, Pakpattan 5,500, Mailsi 4,500, Burewala 4,000, Bahawalpur 2,500, Lodhran 500 and Okara 1,000.

The following deals were finalised on the ready counter on Thursday: 400 bales, Kotri at Rs5,800; 200 bales Hyderabad at Rs5,800; 200 bales Golarchi at Rs5,800; 800 bales Tando Adam at Rs5,800; 1,200 bales Sanghar at Rs5,800; 1,000 bales Shahdadpur at Rs5,800; 1,000 bales Mirpur Khas at Rs5,800; 400 bales Khipro at Rs5,800; 400 bales Pakpattan at Rs5,800, 800 bales Burewala at Rs5,80/5,9000; 600 bales Chichawatni at Rs5,800/5,900; 600 bales Arifwala at Rs5,800/5,900; and 200 bales Sahiwal at Rs5,900.