KARACHI: The cotton market showed a strong buying trend on Friday. Improved supply of gas and electricity to textile industries in Punjab also induced the buying trend. Most of the spinners and exporters tried to build up their stocks due to fear of short supply of quality lint.
Most deals on ready counter were quoted by ginners at higher rates. Waning stocks with ginners and shortage of quality lint was keeping market bullish, brokers said.
The New York cotton came under profit-selling as many brokers holding long position moved in to unload their stocks at higher rates.
The Karachi Cotton Association’s (KCA) spot rates remained unchanged. Major deals finalised on ready counter were: 800 bales Khairpur at Rs 5,000, 600 bales Chichawatni at Rs 4,775, 600 bales Fort Abbas at Rs 4,825 to Rs 4,875, 600 bales Faqirwali at Rs 4,835 to Rs 4,950, 1,000 bales Yazman Mandi at Rs 4,825 to Rs 5,050, 800 bales Shujabad at Rs 4,900 to Rs 5,000, 800 bales Haroonabad at Rs 4,900 to Rs 5,060, 800 bales Bahawalpur at Rs 4,950 to Rs 5,000, 1,000 bales Khanewal at Rs 5,000, 600 bales Pir Mehal at Rs 5,000, 600 bales Kabbirwala at Rs 5,050, 1,600 bales Sadiqabad at Rs 5,050 to Rs 5,100, 1,600 bales Rahim Yar Khan at Rs 5,100 to Rs 5,200 and 1,400 bales Mianwali at Rs 5,000 to Rs 5,200.
