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KARACHI: Buyers chased quality lint on Tuesday as short supply and fear of delay in next cotton crop might inflate prices.
The overnight increasing trend consolidated as buying spree for good cotton intensified. However, short supply and rapidly falling stocks of unsold cotton held by ginners limited trading activity.
Phutti (seed cotton) also declined drastically at the season is almost at its fag end.
However, there are growing concerns over shortage of irrigation water which is badly affecting sowing of Kharif crops including cotton.
Reports suggest that China — after imposing 25% customs duty on import of cotton from United States — is now looking for import of cotton from India where prices started to move higher.
The world leading cotton markets also gave firm outlook with New York cotton closing all around higher for all the future contracts. Indian cotton also closed higher. The Karachi Cotton Association (KCA) spot rates were firm at overnight level.
The following deals were reported to have changed hands on ready counter: 2800 bales, Daharki, at Rs7,900 to Rs8,000; 900 bales, Khanpur Maher, at Rs7,925; 1,200 bales, Layyah, at Rs6,350; 900 bales, Khanewal, at Rs6,560; 200 bales, Haroonabad, at Rs6,700; 200 bales, Vehari, at Rs6,800; and 200 bales, Uch Sharif, at Rs7,000.