News Tags

Related Keywords: cotton market on Wednesday, fresh buying interest, Karachi cotton market, KCE, market sources, official spot rate stable trend, prices gained momentum, process of modest trading, pushing rates sharply up, spinners to replenish their stocks, spot rate, strong demand for quality lint

The cotton market on Wednesday was in the process of modest trading with strong demand for quality lint pushing the rates sharply up. According to the market sources, prices gained momentum on fresh buying interest by the spinners to replenish their stocks.

The official spot rate after maintaining a stable trend went up by Rs 100 to Rs 7000, dealer said. In Sindh and the Punjab, seed cotton prices were at Rs 2400-3000 while in the ready session, approximately, 5000 bales of cotton changed hands between Rs 7000-7400.

Related Keywords: both buyers and sellers, buyers indulged in short covering, cotton bales, cotton market on Wednesday, KCA, KCE, near future demands, panic buying, past two days no longer evident, rationalised their approach, spot rate, steady conditions prevailed

Panic buying of the past two days was no longer evident as both buyers and sellers seemed to have rationalised their approach and steady conditions prevailed on the cotton market on Wednesday as buyers indulged in short covering for their near future demands.

Pakistan Central Cotton Committee’s (PCCC) review has set aside all fears and apprehensions that were afloat about the size of the crop in the light of heat wave, smog and fog impact, said Naseem Usman, chairman Karachi Cotton Brokers’ Forum.

Related Keywords: cotton market on Wednesday, crisis ridden textile mills, Karachi Cotton Association, kept its spot rates steady, Most textile mills, rather converting it into yarn, remained conspicuous by their absence, running out of working capital, spinners selling cotton from their stocks, started to shut down, witnessed slow trading activity

Cotton market on Wednesday witnessed slow trading activity as crisis-ridden textile mills remained conspicuous by their absence. Most textile mills running out of working capital have started to shut down, brokers said. The Karachi Cotton Association kept its spot rates steady.

Related Keywords: Active trading activity, brisk activity surged cotton prices, buying picking up, cotton market on Wednesday, forcing buyers to rush for domestic cotton, high price in most of the leading world cotton markets, spinners indulged in a sort of panic buying, spinners keen to replenish stocks from domestic sources

Active trading activity seen at cotton market on Wednesday with buying picking up as spinners were keen to replenish their stocks from domestic sources.

The overnight renewed buying interest intensified as spinners indulged in a sort of panic buying. The high price in most of the leading world cotton markets was instrumental in forcing buyers to rush for domestic cotton.

After touching a seasonal high of US 77.11 cents per lb, the New York cotton market gave mixed trend and so did the Chinese and India cotton markets.