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As the day progressed trading activity kept rising on strong demand and flow of buying orders from spinners and exporters kept cotton prices firm on Wednesday. Pakistan is expected to be one of the few countries in the world where cotton consumption would rise this year.

Cotton picking has started in most cotton producing districts of Punjab while many ginning units have also stated their operations. In coming days there is a possibility that higher arrival of phutti (seed cotton) could put cotton prices under pressure.

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The cotton market on Tuesday recorded moderate to active trading with readily available lint allowed steady flow of buying orders, helping many spinners who rushed back to replenish their stock. Renewed buying interest was witnessed. However, due to shortage of quality lots many spinners were unable to get stocks of their choice.

The rising demand helped phutti prices stabilise in the range of Rs2,800-3,000 per 40 kg for both Sindh and Punjab varieties. According to market reports, cotton prices could come under pressure once phutti arrival surges.

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During the trading session at cotton market, sustained buying from leading spinners helped cotton prices inch up on Wednesday. Spinners and mills remained quality conscious and made deals on slightly higher prices during the session while leading ginners sensing future demand of quality lint offered thin volumes of better stocks on higher prices to the buyers.

Much of the trading activity remained centered around Punjab variety which is now available in larger quantity due to higher flow of phutti. However, Sindh quality cotton remained in slow demand.

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At the cotton market, buyers preferred maintaining their inventories by making deals for better grades on slightly higher price. However leading buyers struck down forward deals for a month period in anticipation of any possible increase in better stuff prices, fibre traders said.

According to senior trader, Ghulam Rabbani, sellers withholding better grades of lint remained in driving seat as buyers were in need of fine grades.
The buying for second grade stuff remained in limelight and deals concluded at around Rs 6,575 per maund to Rs 6,600 per maund.

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Trading activity at lint market remains selective on grade issue while some buyers made deals on slightly high price on shrinking better grades of lint that also kept general prices in green zone. Also some deals were made for second grade stuff on premium price.

Some of the leading buyers in Sindh and Punjab stations during trading session made forward deals on slightly higher price at around Rs6,725 per maund for consolidating inventories, floor brokers said.

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At lint market, buyers made majority deals which were grade-selective while some buyers made deals for second grade stuff on premium price. Forward deals also changed hands as buyers consolidated inventories in Sindh and Punjab stations during trading session, floor brokers said.

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Trading activity on the cotton market expands on Wednesday with increasing flow of phutti (seed cotton) which will also improve the supply of quality lint. However, short supply against higher demand kept prices steady.

Phutti arrivals from Sindh continue to be higher due to early maturing of crop, therefore much of trading was noted in this variety.However, supplies from Punjab were also improving.

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Buyers bought better grades of lint on slightly higher price amid firm physical prices besides forward deals were made in anticipating increase in general prices and on fast depleting of better grades of lint during trading session on lint market. During the trading session, buyers also bought second grade of line at around Rs6,650 per maund for blending purpose.

The Karachi Cotton Association (KCA) kept the spot rate at Rs 6,200 per maund.

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At lint market although buyers remained focused on better grades but higher demand for second of lint kept trading activities moderate amid firm physical prices. Second grade of lint fetched better price as buyers bought all grades on cautious note, floor brokers said.

Better grades of lint remained in demand on back of depleting stocks and demand for other grades of lint would not gain momentum, as buyers were eyeing influx of better cottonseed in the ginneries.

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With improved demand for better grades and tight cottonseed arrival to ginneries due to dull picking and slower arrival of fine grades kept trading in Punjab and Sindh stations selective on grade issue, while volumes of second grade of lint remained on higher side, besides prices of all grades remained at the hands of sellers on back of shrinking stocks, traders said.

The ginning units remained confident on paucity of better cottonseed arrival that pushed general prices on firm footing, said floor brokers.