KARACHI: Steady flow of buying orders from textile spinning industry on Wednesday kept cotton prices on the higher side.
Most of the transactions were finalised at Rs9,300 per maund. However, a deal of 800 bales from Ghotki (prime mark) was done at season’s peak rate of Rs9,500 per maund.
Amid fear of short crop the textile spinners were induced by higher off-take of cotton yarn and positive development on world cotton markets where US-China trade optimism forced markets to rise, brokers said.
Meanwhile, Punjab Cotton Council has estimated a loss of around Rs300 billion to farmers of cotton, maize, rice and sugarcane due to climate change, they added.
The world leading cotton markets were firm with New York cotton rose for all future contracts, while Chinese and Indian markets closed steady.
The Karachi Cotton Association (KCA) kept its spot rates firm at overnight level of Rs9,100 per maund.
The following deals were reported to have changed hands on the ready counter: 1,000 bales, New Saeedadbad, at Rs7,700; 4,000 bales, Khairpur, at Rs8,900 to Rs9,000; 1,600 bales, Haroonabad, at Rs9,100 to Rs9,200; 1,000 bales, Fort Abbas, at Rs9,100 to Rs9,200; 1,600 bales, Haroonabad, at Rs9,100 to Rs9,200; 800 bales, Bahawalpur, at Rs9,150 to Rs9,300; 3,000 bales, Rahimyar Khan, at Rs9,300; and 600 bales, Feroza, at Rs9,300.
Source: The Dawn, Pakistan Thursday, 24 October 2019