ISLAMABAD: The cotton market showed a strong buying trend and cotton prices increased by Rs 50 to Rs 100 on Thursday at the Pakistan cotton market. Most of the millers tried to replenish their stocks at current price.
Much of the activity, however, remained confined to quality lint. As the current season is drawing to a close, quality lint is in shortage, hence expensive.
Besides, lesser stocks of unsold cotton held by ginners could be another worrisome factor for spinners who did some panic buying which pushed prices higher, according to brokers
The Karachi Cotton Association (KCA) raised its spot rates by Rs 50, to Rs 4,950 per maund.
Major deals finalised on ready counter were: 600 bales Faqirwali at Rs 4,800 to Rs 4,825, 600 bales Fort Abbas at Rs 4,850 to Rs 4,875, 800 bales Chichawatni at Rs 4,850 to Rs 4,900, 2,000 bales Sadiqabad at Rs 5,000 to Rs 5,100, 1,000 bales Alipur at Rs 5,075 to Rs 5,100, 1,000 bales Rahim Yar Khan at Rs 5,100, 1,000 bales Liaquatpur at Rs 5,100, 600 bales Chani Goth at Rs 5,100, 1,000 bales Dera Ghazi Khan at Rs 5,100, 600 bales Shujabad at Rs 5,100 and 3,000 bales Khanpur at Rs 5,150 to Rs 5,200.
On the global front, the world cotton markets also moved higher with the New York cotton finishing higher for all future contracts. The Indian cotton market is reported to be steady.
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