KARACHI: The rising trend in cotton prices on the market entered its fourth day on Thursday.
Although cotton prices on ready counter somewhat remained firm at overnight level, the Karachi Cotton Association raised official spot rates by Rs100 to Rs8,500 per maund.
As the crop size continues to be questionable, leading spinners preferred to build up their stocks in order to avoid imports which have become costlier owing to the devaluation of the rupee, brokers said.
Most deals were of large size – a strong indication that big spinners were at the forefront of the buying spree.
Phutti (seed cotton) arrival from Punjab has yet to gain momentum and bulk of trading materialised in Sindh variety cotton.
The world cotton markets under the lead of New York cotton remained depressed and moved further down.
The following major deals were reported to have changed hands on ready counter: 1,000 bales, station Shahdadpur, at Rs8,200-8,250; 1,000 bales, Tando Adam, at Rs8,200-8,250; 5,000 bales, Nawabshah, at Rs8,300-8,400; 4,000 bales, Khairpur, at Rs8,500-8,600; 800 bales, Fazilpur, at Rs8,600-8,750; 3,600 bales, Rahim Yar Khan, at Rs8,600-8,700; 1,200 bales, Sadiqabad, at Rs8,675-8,700; 1,200 bales, Bahawalpur, at Rs8,600-8,700; 2,800 bales, Fort Abbas, at Rs8,600-8,650; 1,600 bales, Rajanpur, at Rs8,600-8,650; 2,600 bales, Mianwali, at Rs8,600; and 1,600 bales, Yazman, at Rs8,500-8,600.
Source: The Dawn, Pakistan Friday, 12 October 2018