After four days of dull and slow trading activity, new and transformed buying interest was observed on the cotton market on Friday with some ginners rushing to set out of their stocks at rising prices.
Many spinners who were keen to replenish their stocks with quality lint readily paid up deals even at higher prices which help generate trading activity.
Floor brokers said that firming up of cotton yarn prices on higher demand from value-added textile sector due to free-market access to EU countries, and expectations that Pakistani participants to Germanyâ€™s Heimtextil fair would get substantial orders for textile made-ups and home textile were main driving forces.
The following major deals were reported to have changed hands on ready counter: 1,000 bales from station Khipro at Rs6,300, 400 bales from Shahpur Chakar at Rs6,800, 1,000 bales from Shahdadpur at Rs6,800, 625 bales from Bhakkar at Rs7,000, 500 bales from Burewala at Rs7,000, 400 bales from Haroonabad at Rs7,000, 800 bales from Bahawalnagar at Rs7,000, 600 bales from Bahawalpur at Rs7,000, 200 bales from Yazman Mandi at Rs7,025, 200 bales from Mianwali at Rs7,200, 200 bales from Kabbirwala at Rs7,200, 600 bales from Chichawatni (conditional) at Rs7,500 and 300 bales from Dera Ghazi Khan (conditional) at Rs7,500.
The Karachi Cotton Association (KCA) left its spot rates unchanged at previous level and trading on ready counter was fairly brisk.
On international front New York cotton market remained under pressure where all the future contracts ended with losses for the second straight session.
India and China continues to be firm on higher domestic demand as well as higher export orders.
Though this season, India expects to harvest bumper cotton crop at 38.1 million bales with exportable surplus of around 10m bales, high demand from local mills and exports is keeping prices firm.
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