KARACHI: Fear of short crop coupled with hopes of the Chinese textile market opening up to Pakistan induced positive buying sentiment on Tuesday.
Trading resumed at overnight level but as the day progressed, buyers rushed to pick up big lot deals.
Consequently, cotton prices also moved higher and once again crossed the Rs9,000 per maund mark — a strong indication that the trend would continue for at least a couple of days if not the whole week.
There were strong rumours in the market that the dollar would once again move higher against the rupee and this would further give better margin for export trade.
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The world leading cotton markets remained under pressure and closed easy.
The Karachi Cotton Association (KCA) spot rates for second consecutive day were revised upward by Rs100 to Rs8,850 per maund.
The following major deals were reported to have materialised on ready counter: 1,000 bales, station Nawabshah, at Rs8,400-8,500; 1,000 bales, Khairpur, at Rs8,750-8,775; 1,000 bales, Saleh Pat, at Rs8,900; 1,200 bales, Ghotki, at Rs9,100; 1,200 bales, Rohri, at Rs8,850-9,050; 1,400 bales, Khanpur, at Rs9,100; 3,600 bales, Rahim Yar Khan, at Rs9,100; 2,400 bales, Sadiqabad, at Rs9,100; 1,400 bales, Mianwali, at Rs8,750-8,800; 1,200 bales, Yazman, at Rs8,800-8,850; 1,800 bales, Fort Abbas, at Rs8,750-8,790; 2,000 bales, Haroonabad, at Rs8,650-8,750; 800 bales, Kot Addu, at Rs8,900; and 800 bales, Shahdadpur, at Rs8,400-8,500.
Published in Dawn, November 7th, 2018