KARACHI: Buyers actively bought all available cotton lots on Wednesday which resulted in prices moving up to touch seasonal high level.
According to market reports, textile spinners are in a hurry to get hold of maximum quantity of cotton over fears that lint quality maybe affected if rains hit the crop.
Currently most trucks and pickups are engaged in the haulage of sacrificial animals, affecting the movement of phutti (seed cotton) and cotton from fields into ginneries, brokers said. Market sources said that many ginners are currently in an over-sold position as strong demand for cotton from the textile industry not only pushed lint prices higher but also surged phutti prices to Rs4,100 per 40kg for Sindh and Punjab varieties. However, Balochistan phutti was quoted highest at Rs4,200 per 40kg.
Meanwhile, world leading cotton markets including New York cotton closed higher for all future contracts. The Chinese and Indian cotton gave mixed price trend.
The Karachi Cotton Association (KCA) spot rates were higher by Rs100 to Rs8,650 per maund.
The following deals were reported to have changed hands on ready counter: 1,600 bales, station Tando Adam, at Rs8,625-8,650; 600 bales, Hyderabad, at Rs8,625-8,650; 1,000 bales, Mirpurkhas, at Rs8,650-8,700; 1,600 bales, Sanghar, at Rs8,675; 200 bales, Gojra, at Rs8,750; 200 bales, Hasilpur, at Rs8,750; 200 bales, Pakpattan, at Rs8,750; 100 bales, Pir Mehal, at Rs8,750; and 200 bales, Taminwali, at Rs8,700.
Source: The Dawn, Pakistan Thursday, 25 July 2019