Buyers active on cotton market

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KARACHI : Cotton prices moved higher on renewed buying interest from spinners on Tuesday. However, the trading volume remained low due to short supply of quality lint.

While reports of widespread rains in Indian Gujarat and Mumbai are encouraging as weather pundits forecast light showers in lower Sindh in coming days, floor brokers said.

The country is going through hot and dry spell and if it receives moderate showers it will be highly favourable for the cotton crop facing shortage of irrigation water.

The world cotton markets showed firm firmer conditions as the New York cotton futures finished higher.

The Karachi Cotton Association (KCA) revised upwards its spot rates Rs107 per 40kg.

Brokers reported couple of transactions in the new crop were finalised at Rs6,900-Rs7,200 per maund from lower Sindh delivery in first week of July.

Trading on ready counter however remained extremely slow as spinners mostly restricted their buying to near-future demands.

Courtesy: Dawn

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