With needy spinners rushing back eagerly to replenish their stocks to meet their near-future needs, heavy buying was witnessed which helped cotton prices to recover recent losses. The steady flow of buying pushed cotton prices higher on ready counter.
Also fear of disruption in phutti (seed cotton) supply from cotton fields into ginneries owing to expected heavy rains in the coming days generated buying activity.
The Karachi Cotton Association lowered its spot rates by Rs50 to Rs5,750 per maund (around 38 kilograms) which stood against the ready market trend where prices generally moved higher, brokers said.
Meanwhile, ginners also seemed to be in a hurry to get hold of maximum quantity of phutti before the downpour starts because it creates moisture in phutti and ginning becomes difficult.
Brisk activity was witnessed on ready counter where big lot deals were generated on strong buying from spinners.
Major deals on the ready counter that changed hands were: 1,000 bales from Hyderabad (at Rs5,950 to Rs6,000), 1,800 bales from Tando Adam (Rs5,950 to Rs6,100), 2,400 bales from Sanghar (Rs5,950 to Rs6,050), 2,400 bales from Shahdadpur (Rs5,950 to Rs6,100), 400 bales from Kazi Ahmed (Rs5,975 to Rs6,000) and 600 bales from Moro (Rs5,975 to Rs6,000).
Reports circulating trading ring suggested that some demand from China has emerged for Pakistani cotton yarn were taken well by the market and this induced buying from quality cotton, brokers said.
Higher prices in India and other cotton producing countries generated yarn buying from China which had lately diverted its source to meet cotton yarn demand to India.
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