KARACHI: Delay in new crop sowing and high demand from spinners have caused increase in cotton prices to record level of Rs5,500 per maund.
According to the dealer, the current stocks in the country are only sufficient to meet 30 days demand of cotton from the industry. Though buyers were eager to get hold of any deal, ginners holding less than 300,000 bales from the current season were not in a hurry to dispose of their depleted stocks.
The Karachi cotton Association (KCA) spot rates were revised upward by Rs50 to Rs5,200 per maund.
The following major deals were reported to have changed hands on ready counter: 800 bales from station Khadro at Rs4400, 400 bales from Mehrabpur at Rs4950, 700 bales from Dherki at Rs5500, 600 bales from Chichawatni at Rs4900, 400 bales from Yazman Mandi at Rs5000, 200 bales from Layyah at Rs5200, 2600 bales from Sadiqabad at Rs5300, 1000 bales from Khanpur at Rs5400 and 400 bales from Alipur at Rs5400.
