Local cotton market in Pakistan witnessed surge in trade turnover by 20 percent to 15,200 bales (of 155 kilogram) as spinners and many of the textile mill owners rushed to develop inventories to keep continue their production during the commodityâ€™s off-season (March-June) on fears of short supply of quality lint, said a dealer on Friday.
Those, who have yet not built inventories with prime quality cotton, are acquiring it ahead of the off-season, said a broker at Karachi Cotton Exchange, adding the size of unsold cotton stock stood around 1.1 million bales in the current season.
Most deals on ready counter were quoted by ginners at higher rates. Waning stocks with ginners and shortage of quality lint kept market bullish.
Improved supply of gas and electricity to the Punjab textile industry also induced buying.
Earlier, textile mill owners bought 13 million bales during the current season, while some half a million bales were exported. They are estimating a total production of 14.6 million bales this fiscal year as against 14.3 million bales in the last year.
Traders bought 15,210 bales at Rs4,000 to Rs5,200/maund (37.324 kilogram) as compared to 12,700 bales bought at Rs4,475 to Rs5,200/maund a day ago, Karachi Cotton Association said.
The Karachi cotton Associationâ€™s (KCA) spot rates remained unchanged.
Deals finalised on ready counter were: 800 bales Khairpur at Rs5,000, 600 bales Chichawatni at Rs4,775, 600 bales Fort Abbas at Rs4,825 to Rs4,875, 600 bales Faqirwali at Rs4,835 to Rs4,950, 1,000 bales Yazman Mandi at Rs4,825 to Rs5,050, 800 bales Shujabad at Rs4,900 to Rs5,000, 800 bales Haroonabad at Rs4,900 to Rs5,060, 800 bales Bahawalpur at Rs4,950 to Rs5,000, 1,000 bales Khanewal at Rs5,000, 600 bales Pir Mehal at Rs5,000, 600 bales Kabbirwala at Rs5,050, 1,600 bales Sadiqabad at Rs5,050 to Rs5,100, 1,600 bales Rahimyar Khan at Rs5,100 to Rs5,200 and 1,400 bales Mianwali at Rs5,000 to Rs5,200.
The following are Fridayâ€™s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16â€ micronair value between 3.8 to 4.9 NCL.
On global front, the New York cotton came under profit-selling as many brokers holding long position moved in to unload their stocks at higher rates.
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