Cotton prices hit seasonal highArchive
KARACHI: Cotton prices touched record seasonal high on Saturday as spinners moved in to replenish their stocks amid sellers’ reluctance.
Short supply coupled with expected delay in the arrival of next crop is pushing lint prices higher with each passing day, brokers added. The commodity was sold for as high as Rs5,725 per maund on ready deals.
The fresh rise in prices on ready deals also forced the Karachi Cotton Association (KCA) to revise spot rates higher by Rs100 to Rs5,450 per maund.
The following deals were finalised on ready counter: 400 bales from Arifwala done at Rs5400, 400 bales Lodhran at Rs5450, 300 bales Hasilpur at Rs5500, 2000 bales Rahimyar Khan at Rs5600 to Rs5650 and 2000 bales Khanpur (conditional) at Rs5600 to Rs5725.
The New York cotton market managed to recover part of the recent losses where all the future contacts ended with moderate gains.
Published in Dawn, May 10th, 2015
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