KARACHI: Over the reports that the country has less than 30-day stocks, the demand further increased, causing record hike in cotton prices to Rs5,626 per 40kg.
According to the dealers, the stocks of quality lint further decreased over higher demand by the spinners, who remained disappointed to find the commodity. Floor brokers said that fast dwindling stocks of cotton are not only a cause of concern for textile industry as a whole, but also for many export-oriented spinning units who have to meet their foreign commitments, but are unable to get quality lint.
The following deals were reported to have changed hands on the ready counter: 600 bales from Dharki at R5,400, 600 bales from Chichawatni at Rs5,000, 2451 bales from Sadiqabad at Rs5,300, 200 bales from Khanewal at Rs5,500 and 1,000 bales from Khanpur at Rs5,540.
