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Cotton prices rise on strong demand

Cotton prices rise on strong demand

KARACHI: Trading on the cotton market was brisk on Friday amid strong demand from spinners. However, the restricted supply of cotton, particularly of quality lint, inhibited activity.

Cotton analysts say the next year’s crop would be late and spinners will have to either import more cotton or slow down their production. The rains have already delayed early sowing in Punjab, they added.

The ginners are currently holding around 700,000 bales, which are expected to exhaust much before the arrival of next crop due to stepped-up demand.

A big deal of 4,000 bales was made in Sadiqabad at a very high rates of Rs5,700. However, the deal was conditional and its rate was current season’s highest, brokers said.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50, to Rs5,300 per maund.

Major deals on ready counter were: 400 bales from Mirpur Mathelo (Rs5,450), 1,000 bales from Dharki (Rs5,485), 200 bales from Samundri (Rs4,900), 600 bales from Lodhran (Rs5,025), 400 bales from Faqirwali (Rs5,325), 500 bales from Hasilpur (Rs5,500) and 4,000 bales from Sadiqabad (Rs5,700).

On the New York cotton, however, all the future contracts closed lower.

Published in Dawn, March 26th, 2016

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