Prices of merino wools of all types and all descriptions remained stronger from the outset and pushed upward right through to the close of selling during the sale week 15 ending October 13 at Australian wool auctions. Crossbred prices initially retreated but levels consolidated on the final day, as buyers purchasing intent became more willing.
The Australian wool exchange (AWEX) eastern market indicator (EMI) advanced by another 1 per cent or 16ac/clean due once more to the advance of prices
Trading activity remained firm at cotton market as buyers bought better grades of lint on higher than market physical prices during trading session in Punjab and Sindh stations, keeping sellers in the driving seat.
Buyers made deals in better and second grade of cotton on shrinking stocks. Spinners bought second grade of lint at around Rs 6,500-Rs 6,525 per maund, in parts of Sindh and Punjab stations.
Mills purchased better grades of lint on the back of improved demand from garments and t
Strong demand for quality cotton kept prices firm on Saturday.
Interestingly, higher arrival of phutti (seed cotton) did not dent cotton prices.
Due to peak season for the textile industry, there was rush of buyers who were keen to replenish their cotton inventories. It was encouraging that the flow of quality cotton also remained high. Phutti arrival is at its peak since picking in almost all cotton growing districts of Punjab is in full swing.
However, phutti arrival
