A hyperactive buying attitude was seen in the cotton market by the mid of the current week, following the report that the New York cotton market jumbled to a new seasonal high in the aftermath of Hurricane Harvey. The forecast of another hurricane, Irma, hitting the state of Florida has further caused panic, pushing up New York cotton market above US75 cents per lb. The current season started at US67 cents per lb.
An anxious buying attitude from the spinners was seen who tried to cover-up their positions to meet the upcoming demands.
Various spinners have also delayed their buying process after the occasion of Eid-ul-Adha, believing that the prices will come down. The strong demand shown by china has also shown an impact on the sentiment of buying cotton in the global market.
According to the market reports, china has sold huge stocks of cotton form its previous inventories however it is now keen to import Pakistani cotton which is something new. Meanwhile the demand for cotton yarn from china is also expected to increase.
The cotton seed arrival in Pakistan owned Punjab still has to gain momentum.
Various mills in the region are lifting the phutti from Sindh and are appreciated from the ginners of Punjab because they are low in price.
Because of sudden rise in the cotton prices the Karachi Cotton Association (KCA) also revised an upward move with the spot rate of Rs150 to Rs6,050 per maund.
The major deals reported on Wednesday were: 1,600 bales, Kotri, at Rs 5,950 to Rs 6,100; 1,400 bales, Mirpurkhas, at Rs 5,950 to Rs 6,100; 1,400 bales, Sanghar, at Rs 6,000 to Rs 6,100; 1,600 bales, Shahdadpur, at Rs 6,000 to Rs 6,100; 2,000 bales, Tando Adam, at Rs 6,025 to Rs 6,100; 1,800 bales, KabirÂwala, at Rs 6,300; 2,000 bales, KhaneÂwal, at Rs 6,300; 1,800 bales, Vehari, at Rs 6,200 to Rs 6,300; 800 bales, BahaÂwalÂpur, at Rs 6,200 to Rs 6,300; and 600 bales, Haroonabad, at Rs 6,200 to Rs 6,300.
