Brisk cotton trading

Karachi

The cotton market on Tuesday depicted a sign of revival as spinning mills rushed for deals to replenish their stocks, brokers said.

Traders purchased around 4,700 bales of cotton at the ready markets in Sindh and Punjab. The prices remained in the range of Rs4,700/maund to Rs5,500/maund.

The Karachi Cotton Association kept the spot rate flat at Rs5,300/maund, or equivalent to 37.324 kilograms.    Brokers said business started improving after dull trading in the previous session.  Some needy spinners resumed buying but focused only on high grade lint.

“The demand for the cotton is likely to be halted with prices to remain at the present level in the upcoming sessions,” said a cotton dealer.

The New York cotton market showed an upward activity in trade where all futures contracts witnessed gains. May futures finished at 57.80 cents/pound as compared to the previous close of 57.72 cents/pound.