Conditions at cotton market on Thursday remained steady as buyers kept looking for quality lots and strong demand for quality lint from spinners who strived to build up their inventories. However, shortage of quality lint disappointed many.
With the current cotton season (2017-18) fast nearing its end, some panic was seen among spinners who were still short of cotton stocks.
The issue of shortage is primarily related to small spinners who were unable to import cotton to meet their seasonal demand, brokers said.
According to market sources, demand for cotton yarn and grey fabric was also rising and this was encouraging for spinners who had been holding large unsold inventories of yarn.
At the Karachi Cotton Association (KCA) spot rates were firm at overnight level of Rs6,900 per maund. The following deals reported to have changed hands on the ready counter were 400 bales, Ghotki, at Rs6,250; 400 bales, Sanghar, at Rs6,200; 400 bales, Jalalpur, at Rs7,100; 1,200 bales, DG Khan, at Rs7,000; 200 bales, Bahawalpur, at Rs6,900 and 400 bales, MP Dewan, at Rs6,800.
The rising trend in worldâ€™s leading cotton markets including New York cotton psychologically impacted trading, because during last two sessions, cotton prices rose between 3 to 3.5 cents per pound.
Similarly, Indian cotton also moved higher and strong demand from textile industry and some exporters pushed prices higher by Rs200 per candy (356kg).
while, the Chinese cotton market opened firm after a weeklong closure on account of new lunar year.
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