Commodities: Cotton buying picks up

Commodities: Cotton buying picks up

 Many spinners took the situation as an opportunity for building up their inventories to meet near future demand.— Reuters/FileKARACHI: Buying interest on the cotton market picked up on Monday, though much of the activity remained around quality lint which is running short supply. Meanwhile, prices remained stable.Market sources said many spinners who were unable to get cotton from across the border have returned to the market to replenish their stocks.The rise in cotton yarn demand in domestic and world markets reportedly induced sentiment and many spinners took it as an opportunity for building up their inventories to meet near future demand.Meanwhile, ginners have complained that spinners are holding back huge outstanding funds belonging to them. After several rounds of negotiations a committee has been formed to sort out the issue at the earlier, brokers said.The world leading cotton markets were also firm on fairly strong demand and most of them closed with fresh gains.The Karachi Cotton Association (KCA) spot rates were steady at week-end level at Rs8,600 per maund.The following deals were reported to have transpired on ready counter: 4,000 bales, station Rahim Yar Khan, at Rs8,750-8,800; 3,000 bales, Khanpur, at Rs8,000; 1,400 bales, Alipur, at Rs8,700-8,800; 1,700 bales, Bahawalpur, at Rs7,800; 600 bales, Rajanpur, at Rs8,800; and 600 bales, Haroonabad, at Rs7,700