Despite the fact that cotton yarn market continues to be sluggish, the expected delay in arrival of next crop is causing some panic among spinners who want to build up stocks. Strong buying from spinners kept prices high on the cotton market on Tuesday.
However, short supply and ginners’ reluctance to dispose of stocks at prevailing prices kept activity restricted.
According to brokers, the domestic trend is quite different from the global market where most markets are showing easy trend.
The Karachi Cotton Association (KCA) continued with the no changes in its spot rates.
The following deals were finalised on ready counter: 300 bales from Sanghar done at Rs4250, 600 bales Shahadadpur at Rs4300, 1000 bales Rohri at Rs4800 to Rs5000, 200 bales Shujabad at Rs5400, 600 bales Khanewal at Rs5450 and 1000 bales Kabirwala at Rs5450 to Rs5500.
On global front, New York market recorded modest gain in July 2015 contract while all the other future contracts moved lower.
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