Bullish day on cotton market
KARACHI: The cotton market turned bullish on Monday as buyers chased quality lot which helped lint price to stay on higher side.
Short supply of quality cotton, however, restricted activity and many textile spinning units were disappointed as they have to return without clinching any deal, brokers said.
As per market reports the flow of phutti (seed cotton) arrival increased in Punjab but is still unable to meet demand.
Most of the deals were finalised above Rs9,100 per maund though activity could not increase owing to short supply of cotton.
The world leading cotton markets gave mixed to steady trend. Indian cotton market remained closed owning to Diwali festival.
The Karachi Cotton Association (KCA) spot rates were revised upward by Rs100 to Rs9,300 per maund.
The following deals were reported to have changed hands on ready counter: 2,000 bales, station Ghotki, at Rs9,475-9,500; 1,000 bales, Daharki, at Rs9,475-9,500; 600 bales, Liaquatpur, at Rs9,300; 600 bales, Mianwali, at Rs9,350; 600 bales, Fort Abbas, at Rs9,250; 600 bales, Haroonabad, at Rs9,200; 1,000 bales, Shadan Lund, at Rs9,200; 1,000 bales, Taunsa, at Rs9,200; and 1,000 bales, Faqirwali, at Rs9,100.