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KARACHI: On Thursday, revived buying interest helped cotton prices stabilize overnight as needy spinners looked for quality lint to meet the seasonal demand.
With the current season coming to an end, inconsistent behavior is being witnessed in the market owing to the uncertainty of cotton stocks with ginners.
Limited supply of quality cotton remains a grave issue. However, improved flow of irrigation water has cultivated hopes for better yield.
The world leading cotton markets stood firm under the lead of New York cotton. The Indian and Chinese markets were also steady.
Meanwhile, the Cotton Committee of India (CCI) has estimated that the country would be producing around 36 million bales. This translates into a likely exportable surplus between 6-7m bales for the current season.
The Karachi Cotton Association (KCA) spot rates were unchanged at overnight level.
The following deals were reported to have materialized on the ready counter: 600 bales, Ghotki, at Rs7,475; 6,000 bales, Rahimyar Khan, at Rs7,500; 400 bales, Khanewal, at Rs7,800; and 200 bales, Layyah, at Rs6,950.