KARACHI: Cotton prices soared on sustained demand for new crop lint on Tuesday. Higher arrival of phutti (seed cotton) attracted many leading textile spinners to replenish their stocks at higher level.
The massive devaluation of the rupee against dollar is a driving force behind strong buying, brokers said.
The market is in a positive state of mind following positive reports of Prime Minster Imran Khan and US President Donald Trump’s meeting.
Much of the trading activity remained around Sindh variety cotton. Meanwhile improved arrival of phutti in Punjab also recorded sizeable trading volume which pushed prices higher between Rs100-200 per maund.
The cotton plants in Punjab and Sindh are so far satisfactory and no major pest attack or adverse development has been reported.
The Karachi Cotton Association (KCA) spot rates were raised further by Rs100 to Rs8,550 per maund.
The following major deals were reported to have changed hands on ready counter: 1,600 bales, station Sanghar, at Rs8,600; 2,200 bales, Tando Adam, at Rs8,550-8,650; 1,200 bales, Shahdadpur, at Rs8,550-8,650; 800 bales, Mirpurkhas, at Rs8,550; 800 bales, Hyderabad, at Rs8,550-8,600; 2,000 bales, Chichawatni, at Rs8,700-8,725; 800 bales, Hasilpur, at Rs8,700; 600 bales, Mian Channu, at Rs8,700; 1,000 bales, Burewala, at Rs8,650-8,700; 800 bales, Vehari, at Rs8,650-8,700; and 200 bales, Ahmedpur East, at Rs8,650.
Source: The Dawn, Pakistan Wednesday, 24 July 2019