Cotton trade remains brisk

Dealers said after a little hiatus in the cotton market, spinners and mills actively took part in trade. However, ginners disposed some of their unsold stockpiles of about 0.2m bales on their asking prices on the back of shortage in supplies. Dealers said that the demand will continue to outstrip supply as there were still a few weeks in the arrival of supplies from the new crop.

The New York cotton futures fell by 0.89 and 0.82 cents at 79.54 and 80.82 cents per lb for both the ruling May and the forward July contracts respectively, while on the other hand in the local market the official spot rates for cotton were quoted higher at Rs5,475 per maund and Rs5,868 per 40 kgs, according to the Karachi Cotton Association (KCA).