Supply crunch keeps cotton prices higherArchive
KARACHI: Cotton prices rose for the fourth consecutive session on Saturday as spinners kept chasing quality lint to meet their export orders.
As the current season (2014-15) is drawing to a close, the dwindling cotton stocks with ginners have become a cause of concern for spinners who have to meet their export commitments in cotton yarn.
The trading activity remained slow as ginners kept demanding higher price for their limited stocks of quality lint while spinners were reluctant to pay extra amount.
The KCA spot rates were steady at overnight level. Around 4,000 bales were finalised on ready counter, from Ghotki at Rs5700, Uch Sharif at Rs5400, Choti Zarain at Rs5500, D.G. Khan at Rs5450, Khanewal at Rs5400, Yazman Mandi at Rs5250, Multan at Rs5250, Mian Channu at Rs4975 and Vehari at Rs3350 to Rs4775.
The world cotton markets remained steady amid sustained demand and exports.
The following are Saturday’s new crop Karachi Cotton Association (KCA) official spot rates for local dealings in Pak rupees for base grade 3 staple length 1-1/16” micronair value between 3.8 to 4.9 NCL.
Published in Dawn, April 12th, 2015
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