Raw materials: trade resumes in cotton market – Journal

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KARACHI: The renewed interest in purchasing some needy textile spinners helped generate activity in the cotton market on Thursday.

The surge in buyers’ interest could be attributed to the fact that many buyers rushed to replenish their stocks with quality cotton.

Global factors remained unchanged and most of the major cotton markets closed easily.

Meanwhile, supplies of phutti (seed cotton) are rapidly dwindling and the third and final harvest is nearing its end as very little unharvested cotton remains in the fields.

The Karachi Cotton Association’s spot rates remained unchanged at Rs 8,600 per maund.

Due to renewed interest in buyers, the volume of transactions on the ready counter increased dramatically and the following transactions reportedly changed hands: 200 Ghorki bullets were made at Rs 8,750; 2,600 balls, Mirpur Mathelo, at Rs 8,900; 400 balls, Masqoodo Rind, at Rs7,000; 600 bullets, Khanpur, at Rs 8,800; 400 balls, Rahimyar Khan, at Rs 8,725; 400 balls, Lodhran, at Rs8,500; 600 balls, Alipur, at Rs 8,600; 200 bullets, Shujabad, at 8,100 rupees; 400 bullets, Bahawalpur, at Rs 8,000 and 600 bullets from Haroonabad were made at Rs 7,300.

Posted in Dawn, February 15, 2019


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