KARACHI: Cotton prices surged to the highest level of the ongoing season as the local market also remained highly volatile due to slow arrivals of phutti (seed cotton) failed to meet a surge in cotton demand from spinners.
In Sindh, variety cotton were transpired at Rs6,350 per maund (around 38 kilograms) and that of Punjab quality at Rs6,400 per maund.
However, stakeholders are irked by the Karachi Cotton Association (KCA) for not fixing cotton spot rates in line with current ready counter trend because they believe this distorted the market price-line. The KCA raised its spot rate by Rs150, to Rs6,000 per maund.
However, prices on ready counter were generally quoted over Rs6,400. Major deals were: 1,200 bales from Mirpur Khas (at Rs6,200 to Rs6,300), 1,000 bales Shahdadpur (Rs6,200 to Rs6,300), 2,600 bales Tando Adam (Rs6,200 to Rs6,350), 1,600 bales Sanghar (Rs6,200 to Rs6,350), 1,000 bales Hyderabad (Rs6,250 to Rs6,350), 200 bales Pak Pattan (Rs6,400), 200 bales Mian Channu (Rs6,400) and 200 bales Chichawatni (Rs6,400).
