The new buying interest of the leading spinner on 21 of August, helped the cotton prices to recover the past losses. Cotton varieties in both Punjab and Sindh moved above Rs 6,000/maund mark. Showing such a trend the week began with an encouraging note and it was the first time in the last two-week when the buyers were seen actively present in the trading ring.
Believed is that it was the lower cotton prices that attracted the leading spinner to refill their stock and thus were active in the market. There was a consistent flow of cotton seed from the region of Punjab. The presence of buyers, who were busy with the big lot deals, helped in partial recovery from the recent losses.
At the same time, the ginner were reported to be dealing with the problems in haulage of the cotton seed and the cotton due to the shortage of the transportation means that are currently busy with the transportation of sacrificial animal for the Eid-ul-Adha. However, the fast-paced buying demands from the spinner helped impressively in recovering the cotton price between 100 to 200 Rupee per Maund.
Due to the active buying attitude in the market the KCA spot rates were also revised with a bearish trend moving from 50 to 6000 PKR per maund. The deals spotted on Monday were as follow; Shahdadpur, at Rs6,000 to Rs6,050; 2,000 bales, 2,000 bales, Sanghar, at RS6,000 to Rs6,050; 3,000 bales, Tando Adam, at Rs6,000 to Rs6,100; 1,200 bales, Mirpurkhas, at Rs6,000 to Rs6,050; 1,000 bales, Vehari, at Rs6,100 to Rs6,200; Burewala, at Rs6,100 to Rs6,200;1,000 bales, Haroonabad, at Rs6,100 to Rs6,200; 1,000 bales, Kotri, at Rs6,000 to Rs6,075; 2,000 bales, Hyderabad, at Rs6,000 to Rs6,050; 3,000 bales, Mian Channo, at Rs6,100 to Rs6,200; 1,400 bales, Khanewal, at Rs6,100 to Rs6,200; 1,600 bales; and Sahiwal, at Rs6,100 to Rs6,200.
