The cotton market yesterday witnessed selective trading in quality cotton from spinners and exporters. However, ginners were keen to hold back their stocks expecting price hike.
Floor brokers said that reports of larger crop size than official estimates continue to depress lint prices. The phutti (seed cotton) arrivals up to Dec 15 have recorded cotton production at around 13 million bales.
Ever since second picking of cotton has started, spinners and exporters are in a hurry to replenish their stocks with quality lint.
The gruesome killing of schoolchildren in Peshawar kept sentiment low and depressed, with most city markets remaining largely closed due to thin attendance and lack of trading interest.
The Karachi Cotton Association (KCA), however, raised its spot rates by Rs50, to Rs4,700 per maund.
