Brisk trading of the last two days faded out as ginners were reluctant to sell their stocks at current rates, anticipating a further rise in lint prices in the coming days. The Pakistan cotton market was firm on Wednesday where buyers remained in the forefront.
However, sudden withdrawal of sellers to the sidelines restricted trading activity though the underlying tone remained firm.
Floor brokers said that surge in lint prices on the world cotton markets was the main driving force which made ginners to hold back their stocks hoping prices would rise further on strong demand.
The following major deals were reported to have changed hands on ready counter: 800 bales, Akri at Rs7,200; 1,600 bales, Haroonabad at Rs7,100; 1,000 bales, Rahimyar Khan at Rs7,100 to Rs7,300; 400 bales, Mianwali at Rs7,200; 600 bales, Jhang (conditional) at Rs7,200 to Rs7,350; 200 bales, Kabbirwala at Rs7,300; and 1,000 bales, from Alipur at Rs7,300.
According to reports, Indian and New York cotton markets regained their recent losses where renewed buying interest was witnessed from exporters and domestic spinners. Furthermore, world markets are also eagerly looking forward for cotton export figures soon to be released by US Agriculture Department.
The New York cotton market closed higher for all future contracts and trading on ready counter was moderate.
The change in Chinese subsidiary policy is also being taken very seriously because now it would be directly given to growers rather than ginners. This is being taken as a positive step which will help further expand and increase cotton crop in China.
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