Strong buying on cotton market

MULTAN: Trading activity picked up momentum on cotton market on Monday in line bullish trend on the Chinese market which closed 4 per cent higher after a gap of many months.

The Karachi Cotton Association, however, kept its spot rates unchanged at Rs9,100 per maund.

Cotton analyst Syed Muddabir Shah said that ginners cheered the revival of trading interest on the local market as spinners resumed buying amid fast depleting unsold stocks.

He said that the US cotton market was closed due to President Day holiday and the impact of rising Chinese market will be known when it will resume operations on Tuesday.

He said the renewed buying has boosted confidence of ginners.

The phutti prices in both Sindh and Punjab were quoted between Rs3,200 to Rs4,600.

The following deals were reported to have changed hands on the ready counter: 1,000 bales, Hasilpur, at Rs9,650 (credit); 6,025 bales, Rahim Yar Khan, at Rs9,050-Rs9,200; 600 bales, Maroot, at Rs9,100; 400 bales, Chichawatni, at Rs9,200; 400 bales, Faqirwali, at Rs8,850; 300 bales, Haroonabad, at Rs8,850; 600 bales, Sadiqabad, at Rs9,200; and 400 bales, Bahawalnagar at Rs8,600.