Renwed buying witnessed at cotton market but at the lower level

Pakistan cotton market recovers part of the recent losses with renewed buying interest on Wednesday but at the lower level. However, the market still remained devoid of much-needed trading activity.

Cotton prices after touching a peak level came under correction on profit-selling but now once again started bouncing back on renewed buying interest, brokers said.

Sluggish off-take of cotton yarn and textile products are dampening sentiment but some needy spinners rushed to replenish their stocks to meet their immediate needs.

The Karachi Cotton Association left its spot rates unchanged.

Major deals on the ready counter that changed hands were: 313 bales from station Yazman Mandi at Rs6,850 to Rs6,850, 200 bales from Hasilpur at Rs7,050, 3,000 bales from Rahimyar Khan at Rs6,900 and 2,000 bales from Mianwali at Rs6,900.

The past three days’ correction witnessed on world’s leading cotton markets also came to a halt on the revival of buying interest. This was also evident on local market where some buying emerged at the lower level.

The New York cotton market recovered part of its recent losses while India also closed steady on tight cotton supply. However, buying on the Chinese market remained easy.