Cotton price increases over strong demand

KARACHI: The cotton prices have increased on strong demand as the long spell before arrivals of next cotton crop is keeping spinners on their toes.

According to market estimates, a little more than 300,000 bales are currently lying unsold with ginners; these stocks also include large quantity of low-grade cotton.

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Due to sustained demand for quality lint, prices jumped by Rs300 to Rs5,850 per maund. On the global front, New York cotton gained six to seven US cents per lb during the week. But towards week closing, the world markets witnessed some profit selling.

The Karachi Cotton Association (KCA) raised its spot rates by Rs50 to Rs5,550 per maund.

Major deals on ready counter were: 400 bales from Layyah (Rs5350), 400 bales Rahimyar Khan (Rs5700), 400 bales Jalalpur (Rs5700), 600 bales Dera Ghazi Khan (Rs5750) and 200 bales Rajanpur (Rs5800). The Trading Corporation of Pakistan (TCP) also reportedly purchased 200 bales.